Oil India slips after Q4 PAT skids 34% to Rs 1,142 cr

Oil India fell 1.17% to Rs 147.75 after the company's consolidated net profit dropped 33.94% to Rs 1,142.42 crore on 43.26% rise in revenue from operations to Rs 6,504.94 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax soared 312.85% to Rs 2,014.34 crore in Q4 FY21 as against Rs 487.91 crore in Q4 FY20. The Q4 earnings were announced after trading hours yesterday, 21 June 2021.

On a standalone basis, net profit slipped 8.43% to Rs 847.56 crore on 9.09% rise in total income to Rs 3,909.61 crore in Q4 March 2021 over Q4 March 2020. EBITDA stood at Rs 1,755 crore in Q4 March 2021 compared with EBITDA loss of Rs 107 crore in Q4 March 2020. EBITDA margin was at 44.89% in Q4 FY21 as against (2.99)% in Q4 FY20.

In terms of dollars, crude oil price realization spurted 14.60% to $59.80 per barrel in Q4 FY21 on comparison to $52.18 per barrel in Q4 FY20. In rupee terms, crude oil price realization jumped 15.40% to Rs 4,359 a barrel in Q4 FY21 over Rs 3,777 a barrel in Q4 FY20.

Crude oil production declined 5.27% to 0.718 million metric tonnes (MMT) in Q4 FY21 as against 0.758 MMT in Q4 FY20. Crude oil sales slipped 5.88% to 0.704 MMT in Q4 FY21 compared with 0.748 MMT in Q4 FY20.

Meanwhile, Oil India acquired additional 54.16% ownership interest in Numaligarh Refinery (NRL) on 26 March 2021 for total cash consideration Rs 8,676 crore increasing the equity stake in NRL to 80.16% as on 31 March 2021 including 10.53% shares held on behalf of Govt. of Assam. NRL is now a subsidiary of Oil India.

The company has investments of over Rs 12,000 crore including Rs 8,676 crore in NRL. During the year, the public-owned oil exploratory firm acquired 4 blocks in OALP Round- V increasing its acreage by 13%.

The board recommended a final dividend of Rs 1.50 per share for the FY 2020-21.

During the financial year, Oil India's consolidated net profit skid 17.16% to Rs 4,145.97 crore on 9% increase in revenue from operations to Rs 22,497.61 crore in FY 2021 over FY 2020.

Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2021, the Government of India held 56.66% stake in Oil India.

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