On a consolidated basis, Oil India’s net profit jumped 25.4% to Rs 889.69 crore on 27.7% decline in net sales to Rs 2,137.34 crore in Q3 December 2020 over Q3 December 2019.
The profit was boosted by the company receiving direct tax reversal of Rs 1,158.54 crore during the quarter.
Pre-tax loss during Q3 FY21 stood at Rs 405.63 crore compared with pre-tax profit of Rs 1,012.67 crore in Q3 FY20. The Q3 result was declared after market hours yesterday, 11 February 2021.
On a standalone basis, net profit soared 122.4% to Rs 903.69 crore on 28% decline in net sales to Rs 2,126.01 crore in Q3 December 2020 over Q3 December 2019.
Adjusted EBITDA tumbled 39.61% to Rs 744.09 crore in Q3 December 2020 over Rs 1232.25 crore in Q3 December 2019. Adjusted EBITDA margin stood at 29.80% in Q3 FY21 as against 39.91% in Q3 FY20.
Crude oil production rose marginally by 0.13% to 0.748 million metric tonnes (MMT) in Q3 FY21 as against 0.747 MMT in Q3 FY20. Crude oil sales slipped 0.41% to 0.723 MMT in Q3 FY21 compared with 0.726 MMT in Q3 FY20. Crude oil price realization dropped 30.31% to $44.09 a barrel in Q3 FY21 from $63.27 a barrel in Q3 FY20.
The board has declared interim dividend of Rs 3.5 per share for the FY 2020-21. The interim dividend declared shall be paid on or before 12 March 2021.
Shares of Oil India fell 2.79% to Rs 116.65. Oil India is a state-owned Navratna under the administrative control of India’s Ministry of Petroleum and Natural Gas. As of 31 December 2020, the Government of India held 56.66% stake in the company.
