Oil reports highest quarterly profit

GUWAHATI: Oil India Limited, India’s second largest National Exploration & Production (E&P) Company under the leadership of CMD Utpal Bora achieved the highest quarterly profit, an increase of 74.90% in Profit after Tax (PAT) since listing of the company in September 2009. Oil India Board in its 497th board meeting held on Tuesday approved the Q3 and 9M FY 2018-19 results.

Reported Profit after Tax (PAT) for Q3 FY 2018-19 is 1233.45 crore. This is the highest quarterly profit since listing of the company in September 2009 and 74.90% higher as compared to PAT of Rs 705.22 crore during similar quarter last year. PAT for 9M FY 2018-19 Rs 2798.68 crore is 55.36% higher as compared to PAT of Rs 1801.43 crore during 9M FY 2017-18.

Crude oil price realisation increased by US$ 17.99/BBL to US$ 70.66/BBL in 9M FY 2018-19 as compared to US$ 52.67/BBL during 9M FY 2017-18. The crude oil price realisation in INR terms is higher by 45.08% to Rs 4927.83/BBL in 9M FY 2018-19 as compared to Rs 3396.69/BBL during 9M FY 2017-18. Crude oil production for the 9M FY 2018-19 is marginally lower at 2.538 MMT as compared to the crude oil production of 2.562MMT during 9M FY 2017-18.

Natural gas production during 9M FY 2018-19 is decreased by 2.85% to 2,162 MMSCM as compared to 2,226 MMSCM during 9M FY 2017-18 due to short upliftment by certain consumers. The company has also declared interim dividend of Rs 8.50 per equity share for FY 2018-19, a press release stated.

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