Oil India posts 122.37% increase in PAT for Q3FY21 at Rs 903 cr

• OIL has posted 122.37% increase in PAT for Q3FY21 at Rs 903 cr

• The oil PSU has declared an interim dividend of Rs. 3.50 per share for the FY 2020-21

New Delhi: (Oil & Gas News) Navratna oil and gas PSU Oil India Ltd has posted a 122.37% increase in Profit after tax (PAT) for Q3FY21 to Rs. 903.69 crore against PAT of Rs. 406.39 crore in the CPLY. However, the company's total profit after tax for the first 9 months in FY'21 is Rs 894.03 crore as compared to Rs 1658.42 crore during the corresponding period last year (CPLY). The main reason for the adverse total performance is because of the reduction in average crude oil price for the first 3 quarters of FY'21 to USD 38.98/bbl from USD $ 63.62/bbl for CPLY. "The decrease in price has led to a decrease in turnover by Rs 2,838 crore and profitability by Rs 1416 crore during nine months of FY'21" OIL said in an official statement issued Friday morning.

OIL has declared an interim dividend of Rs. 3.50 per share for the FY 2020-21.

Another reason, the company further said has been a reduction in the average natural gas price for the nine months of FY'21 2020-21 to USD 2.19/mmbtu from USD 3.54/mmbtu for nine months of FY'20. The decrease in price has led to a decrease in turnover by Rs.625 crore and profitability by Rs.425 crore during the three quarters this financial year.

ALSO READ:

As govt preps for disinvestment, here's strategic sector PSU list

Q3FY21: Power Grid profit rises 26% at Rs 3,368 crore

OIL's adjusted EBIDTA for nine months of FY'21 is Rs 2,037.47 Crore as against Rs 4,430.77 crore during CPLY. EBIDTA margin reduced to 30.63% as against 44.02% in the same period last year.

Crude oil production for Q3FY21 has mainly remained flat at 0.748 MMT as compared to 0.747 MMT during Q3FY'20. natural gas production for Q3 2020-21 has marginally reduced to 673 MMSCM as compared to 697 MMSCM during the same period last year. While for the whole nine months this financial year the crude oil and natural gas production were 2.247 MMT and 1993 MMSCM respectively as compared to 2.376 MMT and 2156 MMSCM during the corresponding period in the previous year.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)