OIL powers Q1 profit by 56% to `703 crore

New Delhi: State-owned Oil India Ltd on Monday reported 56 per cent jump in the June quarter net profit on higher oil prices.

Net profit in the April-June quarter of current fiscal rose to Rs 703.22 crore, or Rs 6.20 per share, from Rs 450.24 crore, or Rs 3.84 a share in the year-ago period, the company said in a statement here.

OIL sold 0.81 million tonnes of crude oil it produced in the quarter at an average price of $72 per barrel, up from $48.41 a barrel realised in the year ago period.

Natural gas sales was flat at 0.6 billion cubic metres. "Average natural gas price realisation during Q1 FY2018-19 is $3.06 per million British thermal unit as compared to $2.48 per mmBtu in Q1 FY2017-18," it said.

Its revenue from operations rose by about 45 per cent to Rs 3,390.46 crore.

OIL said at Rs 2,777.79 crore it got 53 per cent more revenue from crude oil it sold in the quarter and led to profit from the segment nearly doubling to Rs 1,135.70 crore.

Revenue and pre-tax profit from natural gas sales was up 25 per cent each to Rs 443.08 crore and Rs 118.97 crore respectively.