Oil India Q2FY24 consolidated net profit falls 70% to Rs 640 cr
New Delhi: Oil India Limited (OIL) Wednesday reported a 70 percent decrease in its consolidated net profit compared to the same period last year, at Rs 640 crore for the second quarter of the fiscal year 2023-24.
In the corresponding quarter of the previous year, the state-run oil producer had recorded a net profit of Rs 2,116 crore.
The revenue from operations for this quarter amounted to Rs 8,816 crore, showing a 13 percent drop from Rs 10,121 crore in the previous year.
The company stated that it produced 0.835 million metric tonnes (MMT) of crude oil in the quarter under review, compared to 0.790 MMT in the same period the previous year.
Oil India produced 0.810 billion cubic meters (BCM) of natural gas in Q2FY24, as opposed to 0.823 BCM in the previous year.
The company reported that its earnings before interest, tax, depreciation, and amortization (EBITDA) in the second quarter of FY24 were Rs 3,197.74 crore, up from Rs 2,743.03 crore in the corresponding period of the previous year.
The board of directors of Oil India declared an interim dividend of Rs 3.50 per equity share.
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