Oil India extends fall on disappointing September quarter results

The company reported a 33% decline in net profit at Rs 608 cr

Oil India Ltd's (OIL) stock fell 2.59 per cent to Rs 582, extending its previous day’s two per cent decline on National Stock Exchange (NSE), after reporting a 33 per cent decline in net profit at Rs 608 crore for the quarter ended September as a historic downslide in crude oil price impacted realisations. The state-owned petroleum explorer had profit of Rs 904 crore during the same quarter last financial year.

Analysts on an average had expected net profit of Rs 861 crore for the quarter.

Total turnover of the company also slumped 22.6 per cent to Rs 2,192 crore,  compared with Rs 2,833 crore in the corresponding period last financial year. Sales volume dipped 2.5 per cent to 1.42 million tonnes of oil and oil equivalent gas during the three months ended September.

"Due to lower international crude oil price, gross crude price realisation for second quarter is lower by 6.54 per cent to $101.25 a barrel as compared to $108.33 a barrel in second quarter of 2013-14. The net realisation is $45.25 a barrel as compared to $52.33 a barrel," OIL said in a statement.

The stock opened at Rs 594 and closed at Rs 582 at NSE. A combined 285,912 shares changed hands on the counter till 1028 hours on NSE and BSE.