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OIL achieves Rs 494 cr Q1 profit despite price woes

 PTI |  2016-09-07 00:44:51.0  |  New Delhi

OIL achieves Rs 494 cr Q1 profit despite price woes

State-run Oil India’s standalone net profit dropped 33.47 per cent to Rs 494.41 crore in the quarter ended on June 30, 2016, compared to the same period last year. The oil PSU had reported a net profit of Rs 743.21 crore for the quarter ended June 30, 2015. 

Total income fell to Rs 2,460.85 crore for the quarter ended June 30, 2016, from Rs 3,164.12 crore in the quarter ended June 30, 2015, Oil India said in a BSE filing on Tuesday.

Oil India’s revenue from crude oil came down to Rs 1,605.35 crore in the first quarter of this fiscal from Rs 2,195.36 crore in the year ago period. Similarly, revenue from natural gas declined to Rs 451.11 crore in April-June compared to Rs 541.52 crore last year. 

The income from LPG also came down to Rs 22.21 crore in the quarter under review from Rs 32.52 crore a year ago. 

Oil India is a fully integrated upstream petroleum company. Meanwhile, shares of Petronet LNG rose by nearly 4 per cent after the company posted 55 per cent jump in standalone net profit for the quarter ended June 30. The scrip gained 3.7 per cent to touch its one-year high of Rs 366.30 on BSE. 

At NSE, shares of the company went up by 3.66 per cent to Rs 366.35. Stock markets were closed on Monday for ‘Ganesh Chaturthi’. Petronet LNG on Monday posted a 55 per cent jump in standalone net profit at Rs 377.86 crore for the quarter ended June 30.

The company had reported a net profit of Rs 244.12 crore in the corresponding quarter a year ago, it had said in a BSE filing. However, total income during the period under review fell to Rs 5,386.66 crore as against Rs 8,411.61 crore a year ago. Petronet LNG has set up the country’s first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala.

Earlier, nine power plants, including that of Dabhol, GMR, GVK and Lanco, have emerged as successful bidders for 187.14 crore subsidy to get natural gas supplies of 9.93 mmscmd for running a total 5,070 mw capacity.

With secured gas supplies, the plants will generate a total 8.81 billion units, which would be supplied at or below Rs 4.70 per unit for a period of six months to March 2017, the Power Ministry said in a statement. This will involve government support of Rs 187.14 crore from the Power System Development Fund (PSDF). 

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