Oil India Q1 net profit triples to Rs 1,555 crore

MUMBAI: Oil India Ltd (OIL), the nation’s second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation.

Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 cr, or Rs 4.68 a share, in the same period a year back, the company said in a statement.

The earnings rose as the company got $112.72 per barrel price for crude oil it sold in the quarter as opposed to $67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to $6.1 per million British thermal unit from $1.79.

Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia’s invasion of Ukraine. Turnover nearly doubled to Rs 6,029.86 cr in the first quarter of the current fiscal year that began on April 1. The earnings were also aided by a 4 pc rise in crude oil production at 0.78 million tonnes and an 8 pc rise in gas output at 771 million standard cubic metres.