State-run explorer Oil India on Wednesday reported an over 80% drop in second-quarter revenue because it put aside ₹2,363 crore for an ongoing litigation.
Revenue for the quarter ended Sept. 30 dropped to ₹325 crore from ₹1,721 crore an yr in the past.
Nevertheless, revenue earlier than tax from its crude oil section rose practically 42%, whereas its pure fuel section rose over 24%, it mentioned in a press release.
Oil India took on fees associated to an ongoing litigation over a service tax demand raised within the states of Assam, Arunachal Pradesh and Rajasthan.
The corporate continues to contest such disputed issues earlier than numerous boards, it mentioned.
Income for the quarter rose 2.4% to ₹5,913 crore.
Peer Oil And Pure Gasoline Company Ltd is predicted to report outcomes on Friday.
Oil India shares settled 0.3% decrease forward of the earnings whereas rose 49.2% this yr, in comparison with a 6.8% rise within the Nifty Power Index.
The corporate’s board additionally declared an interim dividend of ₹3.50 per share.
Milestone Alert!Livemint tops charts because the quickest rising information web site on the earth 🌏 Click here to know extra.
Obtain The Mint Information App to get Each day Market Updates & Dwell Enterprise Information.
Extra
Much less
Up to date: 08 Nov 2023, 07:11 PM IST
Supply: Live Mint