Oil India posts net profit of Rs 504.46 crore in Q2 FY22, shares rise

New Delhi: Oil India Limited (OIL) board in its 526th board meeting held on Wednesday approved the results for the second quarter (Q2) of the current financial year (FY 2021-22 results). The group turnover and profit after tax (PAT) of OIL for the half-year ended September 30 have increased to Rs 13,456 crore and Rs 2,668.93 crore, respectively as compared to the corresponding period last year. Oil India shares went up to Rs 225.95 apiece before closing at Rs 222 on Wednesday.

The PAT of the company in Q2 of FY 2021-22 is Rs 504.46 crore vis-à-vis Rs 238.95 crore in Q2 2020-21. For the half-year ended on September 30, PAT is Rs 1,012.40 crore vis-à-vis loss of Rs 9.66 crore for the half-year ended September 30.

The company’s EBITDA in the second quarter (Q2 FY22) is Rs 1,280.99 crore vis-à-vis Rs 848.48 crore in (Q2 FY21) and EBITDA for the half-year ended on September 30, 2021, is Rs 2,577.91 crore vis-à-vis Rs 1176.24 crore for the half-year ended September 30, 2020.

The earnings per share (EPS) has increased to Rs 4.65 per share in Q2 of FY2021-22 as compared to Rs 2.20 in Q2 FY2020-21. For the half-year ended on September 30, 2021 EPS is Rs 9.34 per share vis-à-vis negative EPS of Rs 0.09 per share for the half-year ended September 30, 2020.

The board of directors of OIL have recommended an interim dividend of Rs 3.50 per share for 2021-22.

Average crude oil price realization for Q2 FY 2021-22 is US$ 71.35 / bbl vis-à-vis US $ 42.75/bbl for Q2 of 2020-21, increased by 66.90 percent. The crude oil price realisation for the half-year ended September 30, 2021 is US$ 69.28/bbl vis-à-vis US$ 36.48 / bbl for the half-year ended September 30, 2020, increased by 89.91 percent.

The crude oil and natural gas production in Q2 2021–22 have improved by 1.78 percent and 26.38 percent, respectively as compared to Q2 FY2020-21.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)