State-owned Oil India Ltd (OIL) on Monday reported 21 per cent drop in net profit at Rs 444.81 crore for the quarter ended March 31,2012. Net profit dipped after the government asked upstream firms Oil and Natural Gas Corp (ONGC) and OIL to make good 39.7 per cent of the Rs 1,38,541 crore revenue that fuel retailers lost on selling diesel,domestic LPG and kerosene at government controlled rates in 2011-12.
Their share was 36.75 per cent in the previous year. Net profit in January-March quarter at Rs 444.81 crore was down from Rs 1,013.98 crore in the same period a year earlier,OIL said in filings to the stock exchanges. Sales dipped to Rs 1,802.12 crore from Rs 2008.28 crore.
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