Oil India Q1 net profit triples to Rs 1,555 cr on oil, gas price boost
Oil India Ltd (OIL), the nation’s second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation.
Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement.
The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79.
