Oil India Q2 net up 38% to Rs 1,454 cr on better crude price realisation

Oil India (OIL) reported a consolidated net profit of Rs 1,454.28 crore in the second quarter of FY22, up 37.45 per cent over the Rs 1m058.07-crore bottomline reported by the company in the same quarter a year ago.

A company statement said that the OIL Board has recommended an interim dividend of Rs 3.50 per share for 2021-22.

The consolidated total income during the period under review stood at Rs 7,420.13 crore, up from Rs 5,598.55 crore a year ago.

The higher returns come on the back of improved crude oil price realisation despite flat lining production. According to OIL, crude oil price realisation improved to $71.35 a barrel in the second quarter of the current financial year from $42.74 a barrel in the same months of FY21. The company's crude oil production during the quarter ended September 2021 stood at 0.76 million tonnes (MT), marginally up from 0.746 MT in the quarter ending September 2020.

OIL reported a significantly higher natural gas production during this period. Natural gas production stood at 0.807 billion cubic metres (BCM) in the second quarter of the current financial year, 26.38 per cent higher than the 0.638 BCM production in the same months of the last financial year.