Oil India Ltd net profit more than doubles to Rs 504 crore in second quarter (Q2)

State-owned Oil India Ltd (OIL) 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.

This was mainly because the price the firm got for crude oil produced rose to $ 71.35 per barrel in the second quarter of the current fiscal from $ 42.74 last year. While oil production was almost unchanged at 0.76 million tonnes, natural gas output rose 1.78 per cent.

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.

The board of directors 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 $ 69.28 per barrel as against $ 36.48 for the half year ended September 30, 2020.

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