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Oil India reports net profit of Rs 239 crore in September quarter

On a YoY basis, the Q2 net profit of the company, however, saw wide erosion dropping by almost 62 per cent from a level of Rs 627.23 crore in the July-September quarter of FY20

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OIL India | Q2 results

IANS  |  New Delhi 

Oil India
Oil India | Photo: Oil India official website

State-owned oil and gas explorer Ltd (OIL) on Monday reported a net profit of Rs 238.95 crore during Q2 of FY21 202 as against the reported net loss of Rs 248.61 crore during Q1 of FY21.

On a YoY basis, the Q2 net profit of the company, however, saw wide erosion dropping by almost 62 per cent from a level of Rs 627.23 crore in the July-September quarter of FY20.

The company's EBIDTA for Q2 FY 21 improved to Rs 848.48 crore as against Rs 327.76 crore during Q1 of current fiscal. The EBIDTA during Q2 2019-20 was Rs 1,510.76 crore.

EBIDTA margin reduced to 37.21 per cent in Q2 2020-21 from 43.39 per cent in Q2 2019-20.

The financial performance during Q2 2020-21 was adversely affected due to sharp fall in oil and gas price realisations, the company said in a statement.

Average crude oil price realisation during Q2 FY2020-21 was $42.74/bbl which was lower by 30.28 per cent as compared to crude Oil price realisation of $61.30/bbl during Q2 FY 2019-20.

Average natural gas price realisation during Q2 2020-21 is at $2.39/MMBTU as compared to $3.69/MMBTU in Q2 FY 2019-20

OIL's crude oil production for Q2 2020-21 is 0.746 MMT. Natural gas production during same period is 638 MMSCM.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, November 09 2020. 21:50 IST
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