Oil India posts Rs 925.64 cr net profit

Oil India Limited (OIL) has reported a Rs 925.64 crore net profit for the fourth quarter of financial year 2019-20. The company had reported a loss of Rs 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 Rs 821.01 crore during 2019-20," a company statement said.