Tuesday 21st May 2024

Oil India reports highest ever quarterly profit of Rs 1,746 cr in Q3

Feb 12th, 2023 1:23 pm | By | Category: SPECIAL NEWS COVERAGE

Oil India Limited (OIL), a Navratna Company, is the second-largest national oil and gas company in India and a state-owned firm of the Indian Government. OIL announced its Q3 financial results and a 100% dividend for its eligible shareholders.

State-run explorer Oil India (OILI.NS) reported a bigger-than-expected 40% jump in third-quarter profit on Friday, aided by increased production and better price realisation.

Crude oil production for the three months ended Dec 31 increased 7.03% from a year earlier, while natural gas output rose 1.64%, fuelling a more than 57% jump in revenue from operations to 58.79 billion rupees ($12.1 million).

The company said it posted its highest ever profit in a quarter due to better pricing and higher output of crude oil and natural gas.

Profit rose to 17.46 billion rupees, while analysts, on average, had expected a profit of 14.44 billion rupees, according to Refinitv IBES data.

Demand for crude and natural gas has remained elevated as the economy rebounded from the pandemic-induced slump.

Natural gas segment posted a profit before tax of 10.91 billion rupees, compared with a loss of 1.08 billion rupees a year ago.

Source www.reuters.com

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