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Oil India Limited reported a net profit of ₹ 627.23 crore for the second quarter of financial year 2019-2020. This is lower than the ₹ 862.01 crore net profit reported in the corresponding quarter of the previous financial year.
Total income for the period stood at ₹ 3,481.52 crore, down from ₹ 4,031.41 crore in the corresponding quarter of the financial year 2018-2019. On a sequential basis, the lower profits and revenue are due to a fall in crude oil prices.
A company statement said that average crude oil price realisation during the second quarter of financial year 2019-2020 was $ 61.30 a barrel which was lower by 16.51 per cent as compared to $ 73.42 per barrel in the corresponding quarter of the previous financial year.
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