Oil India Q2 net profit slips 27% to Rs 627 crore
11 November 2019
State-owned explorer Oil India Ltd has reported a 27.2 per cent drop in its net profit at Rs627.23 crore for fiscal second quarter ended 30 September 2019 against a net profit of Rs862.01 crore reported in the corresponding period of the previous fiscal.
Total income of during the quarter declin3ed to Rs3,481.52 crore during Q2 FY20 from Rs4,031.41 crore in same period of FY19, Oil India said in a regulatory filing.
Turnover was down at Rs3,213.61 crore for the quarter, against Rs3,743.58 crore a year ago.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) margin, the measure of profitability, stood at 43 per cent during the quarter, down from 44 per cent in the year-ago quarter.
Realised price of company’s crude oil stood at $61.30 per barrel during the September quarter of the current fiscal, down from $73.42 a barrel a year ago.
Crude Oil production during the first half of 2019-20 stood at 1.63 million metric tonnes (MMT) against 1.70 MMT a year ago. Natural gas production during the half year ended September increased to 1,459 million standard cubic metres (MMSCM) against 1,430 MMSCM in the year-ago quarter.
"Due to fall in international crude oil prices, average crude oil price realisation is lower by 12.29 per cent to $63.81/BBL in first half as compared to $72.75/BBL year ago," it said in a release.
Natural gas price realisation improved to $3.69/MMBTU for the April-September period from $3.06/MMBTU year ago, the company said.