Oil India Ltd reported a 69.55 per cent jump in net profit for the June quarter driven by higher volumes. Also higher price realisation of crude oil and natural gas as well as reverse pumping of transportation tariff aided the profit growth.
The net profit stood at Rs 849.61 crore (Rs 501.11 crore). However, the subsidy during the first quarter saw a steep increase to Rs 1,780.65 crore (Rs 729.66 crore), which has affected the profitability, the company said in a statement.
According to the company, the net realisation of crude oil for the quarter was $59.55 a barrel ($49.68 a barrel). The crude oil production for the first quarter stood at 0.957 million tonne (0.798 mt), higher by 20 per cent.
OIL, is currently producing crude oil at the rate of 3.90 mtpa. The natural gas production during the quarter stood at 641.89 million standard cubic metre (552.68 mscm), up 16 per cent.
The company's share on Wednesday at BSE closed at Rs 1,257.