Oil India Ltd energises Q3 net profit by 75%

NEW DELHI: National oil and natural gas exploration and production (E&P) company Oil India Ltd (OIL), the country's oldest hydrocarbon firm, on Tuesday reported a profit after tax (PAT) for the third quarter of financial year 2018-19 of Rs 1233.45 crore.

This is the highest quarterly profit since the listing of the company in September 2009 and 74.9 per cent higher compared to the profit after tax of Rs 705.22 crore during the corresponding quarter of the last fiscal (2017-18).

The profit after tax for the first nine months of the current fiscal is Rs 2,798.68 crore, which is 55.36 per cent higher than the profit after tax of Rs 1,801.43 crore during the corresponding period of 2017-18.

The company's crude oil price realisation increased by $17.99/ bbl to $70.66 / bbl in the first nine months of 2018-19 compared to $52.67/BBL during the same period of 2017-18.

The crude price realisation in rupee terms has increased by 45.08 per cent to Rs 4,927.83/ bbl in the first nine months of 2018-19 compared to Rs 3,396.69/ bbl during the same period of financial year 2017-18. Crude Oil production for the first nine months of the current fiscal is marginally lower at 2.538 mmt compared to the output of 2.562 mmt during the first nine months of 2017-18.

Natural gas production during the first nine months of this fiscal has decreased by 2.85 per cent to 2,162 mmscm compared to 2,226 mmscm during the first nine months of 2017-18 due to short uplift by certain consumers.

The company has also declared an interim dividend of Rs 8.50 per equity share for fiscal 2018-19.