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03/06/2011 00:00 AST
Indian Oil Corp. said Monday its fiscal fourth quarter net profit fell 30% from a year earlier, when the company benefited from a bigger government cash grant and discounts on crude as compensation for selling fuel products at state-set prices.
Net profit for the fourth quarter through March slid to 39.05 billion rupees ($864 million) from 55.57 billion rupees a year earlier, India's largest listed company by sales said in a statement. Net sales rose 31% to 873.21 billion rupees from 665.46 billion rupees.
The average of estimates in a poll of six analysts was for net profit of 30.44 billion rupees, assuming state-run oil producers and the government together bore 83% of the revenue losses suffered by the company, India's largest refiner and fuel retailer.
Lower earnings may prompt Indian Oil to raise more funds from the market to meet working capital requirements, further raising its debt level, and it may have to review spending on expansion plans.
The company's borrowings had already risen to 678.80 billion rupees from 527.34 billion rupees as of the end of March, Indian Oil Chairman R.S. Butola said at a news conference.
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