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Updated on: Thursday, August 12, 2021, 05:31 PM IST

Oil India net profit jumps 221% in Q1; revenue rises 45%

PTI
State-owned Oil India Ltd on Thursday reported a more than three-fold jump in its first-quarter net profit on the back of a rise in crude oil prices/ Representational image |

State-owned Oil India Ltd on Thursday reported a more than three-fold jump in its first-quarter net profit on the back of a rise in crude oil prices/ Representational image |

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State-owned Oil India Ltd on Thursday reported a more than three-fold jump in its first-quarter net profit on the back of a rise in crude oil prices.

Consolidated net profit of Rs 1,214.65 crore in April-June was higher than Rs 377.63 crore profit a year back, according to the company's filing with the stock exchanges.

Revenue rose to Rs 6,276.58 crore from Rs 4,334.48 crore last year.

Pre-tax profit from the sale of crude oil jumped to Rs 1,101.62 crore from Rs 28.76 crore in April-June 2020 when international oil prices had crashed to a multi-decade low of $19 per barrel.

On natural gas, its losses widened to Rs 88.58 crore from Rs 57.11 crore. OIL sells gas at a government-dictated price which is less than the cost of production.

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Published on: Thursday, August 12, 2021, 05:31 PM IST
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