Oil India net profit increases 12.5% YoY fuelled by better crude price realisation

State-owned explorer Oil India’s net profits in the March-end quarter increased 12.5% on a year-over-year basis fuelled by a 5% improvement in average crude price realisation and 6% increase in crude oil production.

OIL’s standalone profit after tax in the reported quarter stood at ₹1,790 crore, against ₹1,591 crore in the comparable period last year.

This comes on the back of average crude price realisation, that is, the price it receives for the crude oil extracted, increasing to $77.89 per barrel in the reported quarter from $74.46 per barrel in the year-ago period.

In the reported quarter, Oil India produced 0.891 million metric tonnes (MMT) of crude oil from their matured and old oilfields. This compares 0.844 MMT it produced in the comparable period last year.

Alongside the results, Oil India’s board recommended a dividend of ₹1 for each equity share.