Oil India Q2 Profit Rises 11% to Rs 674 Crore

New Delhi: State-owned Oil India Ltd on Monday reported an 11 per cent rise in second quarter net profit at Rs 674.80 crore, helped by a high realisation on crude oil sales.

The company had registered a net profit of Rs 608.33 crore for the corresponding period a year ago, it said in a filing to stock exchanges.

Turnover increased to Rs 2,956.51 crore in the second quarter of the current fiscal year, from Rs 2,620.44 crore in the year-ago period.

With the government exempting upstream oil producers from payment of subsidy on LPG and ordering only a limited payout on kerosene, OIL's earnings from crude oil sales were up 12 per cent at Rs 1,747.28 crore while pre-tax profit from oil sales was up 18.7 per cent at Rs 538.38 crore.

The company had to shell out Rs 84.50 crore to help state retailers sell PDS kerosene at subsidised rates. This compared to Rs 2,238.50 crore subsidy payout in the second quarter of the last fiscal year.

It had a cash and cash equivalent of Rs 9,497.78 crore, as of September 30, higher than Rs 8,707.30 crore as of March 31.

Oil India also had debt of Rs 9,134.13 crore as of September 30 as against Rs 8,341.08 crore on March 31.

Shares in Oil India, on Monday, ended 0.69 per cent lower at Rs 398.70 apiece on the BSE, whose benchmark Sensex index finished down 0.55 per cent.