Oil India Ltd has reported a 9.45 per cent increase in net profit for the first quarter of the current fiscal. This was possible due to higher crude oil and natural gas price realisation (exchange rate benefit) and increase in interest income.
During the quarter, subsidy to oil marketing companies increased by 13.19 per cent to Rs 2,015.52 crore, from Rs 1,780.65 crore during the corresponding period last year. The subsidy has affected the net profit by Rs 1,137.72 crore, the company said in a statement.
The rupee/dollar exchange rate has increased by 21 per cent from Rs 44.71 to Rs 54.10. This has impacted revenue from both crude oil and natural gas, resulting in additional revenue of Rs 374 crore and Rs 38 crore, respectively. Gross realisation from crude has gone down to $109.78/barrel from $116.32/barrel and net realisation after subsidy has decreased to $53.85/barrel from $59.55/barrel. However, due to increase in exchange rate, the net realisation has increased to Rs 2,913.29/barrel from Rs 2,662.48/barrel, up 9.42 per cent.
Turnover for the quarter under review was Rs 2,439.63 crore compared with Rs 2,254.42 crore during the corresponding quarter last year, an increase of 8.22 per cent. The increase in turnover is mainly due to increase in crude oil sale by Rs 108.30 crore, natural gas by Rs 18.75 crore, LPG by Rs 23.05 crore and gas subsidy by Rs 23.47 crore.
There has been an increase in paid-up share capital from Rs 240 crore to Rs 601 crore on account of allotment of bonus shares on April 2, 2012, the statement said.