Oil India logs net profit of ₹1,720 crore on improved realization

In a statement, the company said that, it is Oil India’s highest ever quarterly profit. The increase in profit came despite the government levying windfall tax on sale of locally produced crude oil.

It recorded over 3-fold growth compared to a profit of ₹504.46 crore during the same period of last fiscal.

The higher profit came on the back of better realization and increases production. The state-run company’s realization per barrel stood at $100.59 during the July-September period, against $71.35 per barrel during the corresponding period last fiscal.

Oil India’s total income during the second quarter was ₹6,670.81 crore, compared to ₹3,678.76 crore earned during the year ago period.

For the half year ended 30 September 2022, the profit after tax was ₹3,276.02 crore. The Earnings Per Share (EPS) also increased to ₹15.87/share in Q2 FY-23 and to ₹30.21/share in H1 FY-23. OIL board has declared an interim dividend of ₹4.50 per share at face value of ₹10.

OIL also maintained the increasing trend in its physical production of crude oil and natural gas. The crude oil production increased by 3.95%, while natural gas production rose by 2.11% in Q2 FY-23. Similarly, crude oil production and natural gas production for the half year ended 30th September 2022 showed an increase of 4.05% and 5.01% respectively compared to the same period of FY22.

The turnover of the company increased to ₹6,670.81 crore during Q2 compared to ₹3,678.76 crore in Q2 of last fiscal. OIL’s group turnover for the half year ended 30 September 2022 also recorded a rise of 61.42% over the half year ended 30 September 2021, while group PAT for the half year ended 30 September 2022 saw an impressive increase of 100.31% to ₹5,346.06 crore.

On Thursday, its shares on the BSE ended at ₹195.85, lower by 0.05% from its previous close.