Oil India Q2 net profit slips 27% to Rs 627 crore

State-owned Oil India Ltd on Saturday reported a 27.2 percent drop in its net profit at Rs 627.23 crore in the second quarter ended September 2019. The company had registered a net profit of Rs 862.01 crore in the corresponding period of the previous fiscal.

Total income fell to Rs 3,481.52 crore during Q2 FY20 from Rs 4,031.41 crore in the same period of FY19, Oil India said in a regulatory filing. Turnover was down at Rs 3,213.61 crore for the quarter, as against Rs 3,743.58 crore a year ago.

The EBITDA (earnings before interest, taxes, depreciation, and amortization) margin -- the reader of profitability ratio -- stood at 43 percent during the quarter, down from 44 percent in the year-ago quarter. The company realized crude oil at USD 61.30 per barrel during the September quarter of the current fiscal, down from USD 73.42 a barrel year ago.

Crude Oil production during the first half of 2019-20 is 1.63 million metric tonnes (MMT) as against 1.70 MMT a year ago. Natural gas production during the half-year ended September increased to 1,459 million standard cubic meter (MMSCM) from 1,430 MMSCM. "Due to falling in international crude oil prices, average crude oil price realization is lower by 12.29 percent to USD 63.81/BBL in the first half as compared to USD 72.75/BBL year ago," it said in a release.

Natural gas price realization improved to USD 3.69/MMBTU for the April-September period as compared to USD 3.06/MMBTU year ago, the company said.

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