Last Update: February 12, 2023, 13:36 IST
Oil India produced 0.81 million tonnes of crude oil in October-December as against 0.75 million tonnes a year ago.
The increase in profitability was helped by higher realization on crude oil and gas that the firm produces and sells.
state owned oil India Ltd (OIL) reported highest ever quarterly net profit for the third quarter ended December 31 on account of rise in oil and natural gas prices. Net profit for October-December stood at Rs 1,746.10 crore, or Rs 16.10 per share, as against Rs 1,244.90 crore, or Rs 11.48 per share, in the year-ago period, the company said in a statement.
The increase in profitability was helped by higher realization on crude oil and gas that the firm produces and sells. Besides, output increased, helping both the topline and bottomline. OIL earned $88.33 for every barrel of crude oil produced and sold in the third quarter of the current fiscal, higher than $78.59 per barrel realized in the year-ago period.
Crude oil is refined in refineries to produce fuels such as petrol and diesel. Prices of natural gas converted into CNG for power generation, fertilizer making and use in automobiles rose from $6.10 per million British thermal unit to $8.57 per million British thermal unit.
The firm produced 0.81 million tonnes of crude oil in October-December as against 0.75 million tonnes a year ago. Gas production also increased to 0.8 BCM from 0.79 BCM. It sold 1.41 million tonnes of oil and oil equivalent gas in the quarter, compared with 1.35 million tonnes a year ago.
“Highest ever profit on the back of better pricing and higher production of crude oil and natural gas,” the company said.
For the nine months ended December 31, 2022, profit after tax grew over 120 per cent to Rs 5,022.12 crore from Rs 2,257.30 crore in a year-ago period. The turnover increased by 27 per cent to Rs 5,981.63 crore during Q3 FY-23.
OIL’s board has declared a second interim dividend of Rs 10 per share (face value Rs 10). This is in addition to the first interim dividend of Rs 4.50 per share declared earlier. The total interim dividend paid during the year is Rs.14.50 per share.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)