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Oil India slides after weak Q3 outcome

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Oil India declined 1.61% to Rs 131.8 after consolidated net profit declined 50.1% to Rs 709.39 crore on a 16.1% decline in net sales to Rs 2957.19 crore in Q3 December 2019 over Q3 December 2018.

On a standalone basis, Oil India's net profit tumbled 67.1% to Rs 406.39 crore on 16% decline in net sales to Rs 2951.99 crore in Q3 December 2019 over Q3 December 2018. The earnings came in after market hours yesterday, 10 February 2020.

Profit before tax (PBT) for Q3 December 2019 stood at Rs 685.31 crore, down 58% from Rs 1631.73 crore in Q3 December 2018. Tax expenses increased 23.2% to Rs 283.61 in Q3 December 2019 over Q3 December 2018.

EBITDA slumped 42% to Rs 1231.34 crore in Q3 December 2019 over Q3 December 2018. EBITDA margin declined to 35.37% in Q3 December 2019 from 52.65% reported in Q3 December 2018.

Due to fall in international crude oil prices, average crude oil price realisation is lower by 5.1% to $63.27 per barrel in Q3 December 2019 over Q3 December 2018.

The company's production of crude oil and natural gas during Q3 December 2019 was adversely affected on account of environmental issues. Crude oil production for Q3 December 2019 is 0.747 Million Metric Tonne (MMT) which is 10.86% lower than the crude oil production of 0.838 MMT during Q3 December 2018. Natural gas production for Q3 December 2019 stood at 697 Million Metric Standard Cubic Meter per Day (MMSCM) which is 4.78% lower than the natural gas production of 732 MMSCM during Q3 December 2018.

The PSU company declared a dividend of Rs 9 per equity share. Record date is on 24 February 2020.

Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As on 31 December 2019, the Government of India held 59.57% stake in the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 11 2020. 13:03 IST
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