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OIL energises Q1 output by 5.6% to 0.848 million tons

OIL energises Q1 output by 5.6% to 0.848 million tons
State-owned Oil India Ltd on Friday reported a 9 per cent drop in its June quarter net profit after a drop in natural gas price offset gains made from higher oil production.

The company posted a net profit of Rs 450.24 crore, or Rs 5.67 per share, in April-June compared with Rs 494.41 crore, or Rs 6.17 per share, in the same period of the previous fiscal.
"The reduction in profit after tax (net profit) was primarily due to the reduction in price of natural gas from $3.06 per million British thermal unit in Q1 FY 2016-17 to $2.48 per mmBtu in Q1 FY 2017-18," Oil India said in a statement.
Total income or revenue was marginally higher at Rs 2,485.70 crore in the first quarter as opposed to Rs 2,460.85 crore in the same period of the previous year.
Oil production rose 5.6 per cent to 0.848 million tons in April-June, for which it got $48.41 per barrel as against $43.09 in Q1 of the previous year.
During the quarter, OIL completed buy back of its 4.49 crore shares, representing 5.60 per cent of the total paid up equity shares, at an offer price of Rs 340 per share.
"As a result the share capital has decreased to Rs 756.60 crore as on June 30," the statement added. pti
June quarter IGL profit up 9% to Rs. 161 cr
Indraprastha Gas Ltd, the sole supplier of CNG to automobiles and piped cooking gas to households in the national capital, on Friday reported a 9 per cent rise in June quarter net profit on higher sales volume.
Net profit in April-June at Rs 161 crore was 9 per cent higher than Rs 147.72 crore in the same period of the last fiscal, the company said in a statement here.
The company's board also approved splitting existing Rs 10 share into five shares of Rs 2 each. "IGL registered an overall sales volume growth of 13 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 4.34 million standard cuic meters per day to 4.90 mmscmd," the statement said.
CNG recorded sales volume growth of 11 per cent, while piped cooking gas recorded sales volume growth of 18 per cent in the first quarter. Total gross sales value moved to Rs 1,157 crore as compared to Rs 995 crore during the first quarter of FY2016- 17, thereby showing a growth of 16 per cent.
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