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Oil India Ltd (OIL) has reported a 26.59 per cent jump in net profit for the third quarter of the current fiscal. The net profit was Rs 907.98 core as against Rs 717.28 crore in the corresponding quarter last year.
This was mainly due to growth in production and also higher realisation of crude oil and gas price, the company said. OIL's sales revenue was up by 17 per cent to Rs 2,388.65 crore in the third quarter of the current fiscal.
Higher subsidy outgo
The jump in net profit has taken place notwithstanding an increase in the subsidy component to Rs 558.59 crore during the quarter from Rs 467.61 crore during the same period last fiscal, the company said.
OIL, along with ONGC and GAIL, gives discounts on crude oil sales to public sector oil refining and marketing companies to help them partly offset losses on selling petroleum products at a government-controlled price.
The net realisation on crude oil sales during the quarter was $67.14 a barrel versus $58.78 a barrel in the third quarter of last fiscal.
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