Oil India Q2 net profit slips 27% to Rs 627 crore

NEW DELHI: State-owned Oil India Ltd on Saturday reported a 27.2 per cent drop in its net profit at Rs 627.23 crore in the second quarter ended September 2019.

The company had registered a net profit of Rs 862.01 crore in the corresponding period of the previous fiscal.

Total income fell to Rs 3,481.52 crore during Q2 FY20 from Rs 4,031.41 crore in same period of FY19, Oil India said in a regulatory filing.

Turnover was down at Rs 3,213.61 crore for the quarter, as against Rs 3,743.58 crore a year ago.

The EBITDA (earnings before interest, taxes, depreciation and amortization) margin — the reader of profitability ratio — stood at 43 per cent during the quarter, down from 44 per cent in the year-ago quarter.

The company realised crude oil at USD 61.30 per barrel during the September quarter of the current fiscal, down from USD 73.42 a barrel year ago.

Crude Oil production during the first half of 2019-20 is 1.63 million metric tonnes (MMT) as against 1.70 MMT a year ago. Natural gas production during the half year ended September increased to 1,459 million standard cubic metre (MMSCM) from 1,430 MMSCM.

“Due to fall in international crude oil prices, average crude oil price realisation is lower by 12.29 per cent to USD 63.81/BBL in first half as compared to USD 72.75/BBL year ago,” it said in a release.

Natural gas price realisation improved to USD 3.69/MMBTU for the April-September period as compared to USD 3.06/MMBTU year ago, the company said.