Oil India Q2 net dips 18% to Rs 580 crore

State-run explorer other income also fell 9.3% year-on-year to Rs 389.5 crore

State-run explorer Oil India (OIL) on Monday reported a 17.8% fall in standalone net profit for the second quarter ended September at Rs 580.3 crore, as compared with Rs 705.7 crore in similar period a year ago, caused by lower revenue and operational income.

The company's total income during the quarter in question decreased to Rs 2,721 crore, from Rs 2,960.8 crore for the quarter ended September 30 last year, OIL said in a stock exchange filing.

Revenue during the quarter in consideration declined 7.9% compared to last year to Rs 2,331.4 crore.

Oil India's other income also fell 9.3% year-on-year, to Rs 389.5 crore.

Operating income, or EBITDA (earnings before interest, tax, depreciation and amortisation), fell 9% compared to last year, to Rs 836.5 crore.

EBITDA margins in the second quarter contracted by 40 basis points to 35.9%, as against 36.3% in the same period of the last financial year.

Oil India also said its board of directors on Monday recommended issue of bonus shares in the ratio of one bonus share for every three shares held.

The Centre currently holds 67.64% stake in Oil India.

With results being declared during trading hours, Oil India stock closed on Monday at Rs 427.80 a share, down 9.10 points, or 2.08%, on its previous close on the Bombay Stock Exchange.