Oil India Ltd today reported a decline of 32.25 per cent in net profit

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at Rs 501.11 crore in the June quarter.

The company had a net profit of Rs 739.69 crore in the same quarter previous fiscal, Oil India Ltd (OIL) said in a filing to the Bombay Stock Exchange.

Total operating income fell to Rs 1,574.15 crore in the April-June quarter, from Rs 1,974.61 crore in the same period last year.

The company has allowed a discount Rs 729.68 crore on the sale of crude oil and LPG for the quarter ended June 2010.

Accordingly, the sales revenue in respect of crude oil and LPG are net of the aforesaid discounts, the filing added.

Shares of Oil India Ltd today closed at Rs 1,343.25 on the BSE, up 0.53 per cent from previous close.