Latest News | Oil India's Net Profit More Than Doubles to Rs 504 Cr in Q2

New Delhi, Nov 10 (PTI) State-owned Oil India Ltd on Wednesday reported more than doubling of its September 2021 quarter net profit, on back of a surge in oil and gas prices.

The net profit stood at Rs 504.46 crore, or Rs 4.65 a share, in July-September 2021 compared with Rs 238.95 crore, or Rs 2.20 per share, a year ago, the company said in a statement.

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This was mainly because the price the firm got for crude oil produced rose to USD 71.35 per barrel in the second quarter of the current fiscal from USD 42.74 last year.

While oil production was almost unchanged at 0.76 million tonnes, natural gas output rose 1.78 per cent.

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Turnover rose to Rs 3,678.76 crore from Rs 2,281.12 crore.

Net profit in first half of current fiscal at Rs 1,012.40 crore, compared with a loss of Rs 9.66 crore.

Ebitda (earning before interest, tax, depreciation and amortisation) rose to Rs 1,280.99 crore in Q2, from Rs 848.48 crore a year ago.

Board of OIL has recommended an interim dividend of Rs 3.50 per share for 2021-22.

Crude oil price realisation for the half year ended September 30, 2021, stood at USD 69.28 per barrel as against USD 36.48 for the half year ended September 30, 2020. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)