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Oil India net profit triples on oil, gas price boost


NEW DELHI: Oil India Ltd (OIL), the nation’s second-largest state explorer, reported a tripling of its net profit within the June quarter on document oil and gas price realisation.
Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June in comparison with Rs 507.94 crore, or Rs 4.68 a share, in the identical interval a 12 months again, the corporate stated in an announcement.
The earnings rose as the corporate acquired $112.72 per barrel price for crude oil it bought within the quarter versus $67.15 a barrel charge realised in the identical interval final 12 months. Gas price realisation greater than doubled to $6.1 per million British thermal unit from $1.79.
Higher crude oil and pure gas costs stem from the rally in worldwide oil costs that adopted Russia‘s invasion of Ukraine.
Turnover practically doubled to Rs 6,029.86 crore within the first quarter of the present fiscal 12 months that started on April 1.
The earnings have been additionally aided by a 4 per cent rise in crude oil manufacturing at 0.78 million tonnes and an 8 per cent rise in gas output at 771 million customary cubic metres.

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