State-owned Oil India Ltd today reported 17.7 per cent drop in the September quarter net profit on account of fall in oil prices even as it declared a 1:3 bonus share.
Net profit of Rs 580.27 crore for the second quarter of the current fiscal, or Rs 9.66 a share, was 17.7 per cent lower than Rs 705.67 crore, or Rs 11.74 a share, in the same period of last financial year, the company said in a statement.
OIL's turnover was lower at Rs 2,720.92 crore in the July-September quarter of 2016-17 as compared to Rs 2,960.77 crore in the year-ago period.
It got USD 44.55 for every barrel of crude oil it produced in the quarter as compared to USD 46.43 a barrel net realisation in Q2 of previous fiscal.
Crude oil production was almost flat at 0.8 million tons while natural gas output was a tad higher at 0.743 billion cubic meters from 0.702 bcm last year.
Board of OIL also recommended issue of 1:3 bonus share -- issue of one bonus equity share of Rs 10 each for every three existing fully paid up equity share.
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