New Delhi : State-owned Oil India Ltd (OIL) reported a 4 per cent drop in the December quarter profit after output fell and fuel subsidy outgo surged. Net profit in October-December fell to Rs 902.96 crore, or Rs 15.03 per share, from Rs 940.29 crore, or Rs 15.64 a share, the company said in a statement.
This was primarily because the subsidy it pays to fuel retailers so that they can sell diesel and cooking fuel at government fixed rates, rose 11.5 per cent to Rs 2,173.48 crore.
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