Oil India Q3 profit halves to ₹709 crore

Our Bureau New Delhi | Updated on February 10, 2020

Oil India's consolidated total income during the period also reported a decline to ₹3,093.72 crore

Board recommends 90% dividend

Oil India Limited has reported a ₹709.39-crore consolidated net profit for the third quarter of financial year 2019-20. This is half the ₹1,422.87 crore net profit reported by the company in the corresponding quarter of financial year 2018-19.

A BSE filing said that the board of OIL has declared interim dividend of 90 per cent or ₹ 9 per share for 2019-20.

Consolidated total income during the period also reported a decline to ₹3,093.72 crore. This is 23.13 per cent lower than the ₹4,024.81-crore total income reported by OIL in the comparable quarter of the last fiscal.

A company statement said that the average crude oil price realisation during the quarter under review was $63.27 a barrel which was 5.10 per cent lower compared to the crude oil price realisation of $ 66.67 a barrel during the same quarter of the previous financial year.

There was also a dip in crude oil production. Crude oil production for the quarter ended December 2019 was 0.747 million tonne which is 10.86 per cent lower than the crude oil production of 0.838 mt during the quarter ended December 2018, the statement said.

Published on February 10, 2020

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