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Oil India Limited (OIL) has reported a ₹26.29 crore consolidated profit for the first quarter of the financial year 2020-2021. This is significantly lower than the ₹847.24 crore profit reported by the company in the corresponding quarter of the previous financial year.
Consolidated total income for the period under review stood at ₹1,879.89 crore, down from ₹3,506.58 crore in the same quarter of the last fiscal.
OIL said that it had incurred a loss of ₹248.61 crore during the first quarter of fiscal 2020-2021 due to the substantially lower crude oil price realisation.
“Global spread of Covid-19 and collapse in understanding between OPEC and Russia on continued production cuts lead to a sharp fall in international crude oil prices. Average Crude Oil price realisation was lower at $ 30.43 a barrel in the first quarter of fiscal 2020-2021. Natural gas price realisation during the period reduced to $ 2.39 per million British thermal units,” the company said.
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