Monday 13th July 2020

Oil India reports ₹925.64 crore net profit in Q4

Jun 28th, 2020 12:13 pm | By | Category: LATEST NEWS

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(THE NEWSMAN OF INDIA.COM)
Board recommends 16 per cent final dividend
Oil India Limited (OIL) has reported a ₹925.64 crore net profit for the fourth quarter of financial year 2019-2020. The company had reported a loss of ₹208.54 crore for the same period of the previous financial year.

“The higher profit was on account of OIL adopting the new concessional tax regime introduced by Section 115BAA of Income Tax Act,1961 for the financial year 2019-2020. The effective tax rate under the new regime would be 25.17 per cent. This has resulted in reversal of deferred tax liability of ₹ 821.01 crore during 2019-2020,” a company statement said.

Total income for the quarter stood at ₹3,583.72 crore, up from ₹3,506.11 crore in the corresponding quarter of last fiscal.

The company Board has recommended a final dividend of 16 per cent or ₹1.60 per share for fiscal 2019-2020.

For the full financial year 2019-2020, net profit stood at ₹2,584.06 crore, down from ₹2,590.14 crore shown in the previous financial year 2018-2019.

Total income for fiscal 2019-2020 was reported at ₹13,648.71 crore, down from ₹15,170 crore during fiscal 2018-2019.

Source: https://www.google.com/amp/s/www.thehindubusinessline.com/companies/oil-reports-92564-crore-net-profit-in-q4-on-lower-tax/article31927113.ece/amp/

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