Oil India reports highest-ever quarterly profit of Rs 1,746 cr in Q3
State-owned Oil India Ltd (OIL) reported its highest ever quarterly net profit in the third quarter ended December 31 on the back of a rise in oil and natural gas prices.
Net profit of Rs 1,746.10 crore, or Rs 16.10 per share, in October-December compared with Rs 1,244.90 crore, or Rs 11.48 a share, in the same period a year back, the company said in a statement.
The rise in profitability was helped by higher realisation on crude oil and gas the firm produces and sells. Also, output increased, helping both topline and bottomline.
OIL earned USD 88.33 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from USD 78.59 a barrel realisation in the year-ago period.
Crude oil is refined at refineries to produce fuels such as petrol and diesel.
Prices of natural gas, which is used as fuel to produce electricity, make fertilizers and converted into CNG for use in automobiles, rose to USD 8.57 per million British thermal unit from USD 6.10.
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