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Lower revenues resulted in Oil India’s net profit falling 33 per cent during the second quarter of 2014-15 fiscal. The company’s net profit during the second quarter stood at ₹ 608.33 crore against ₹ 903.64 crore in the same quarter last year.
During the quarter, the net revenue fell 23 per cent to ₹ 2,192.48 crore from ₹ 2,832.50 crore in the same quarter last year.
Crude oil
The company suffered from the drop in global crude oil prices. Segment revenue from crude oil sales dropped 31 per cent to ₹ 1,558.87 crore.
During the quarter, earnings before interest and tax from crude oil dropped by 47 per cent to ₹ 453.60 crore.
On Wednesday, OIL’s shares closed 2.37 per cent higher on the BSE at ₹ 596.10.
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