Oil India Ltd Reports 4% Rise in Q1 Net Profit on Higher Production, Despite Price Reduction
1 min read 08 Aug 2023, 04:42 PM ISTOil India Ltd reports 4% rise in Q1 net profit due to higher production offsetting price reduction.
PremiumOil India Ltd on Tuesday reported a 4 per cent rise in net profit in the June quarter on the back of higher production, which offset a reduction in price.
The company registered a net profit of ₹1,613.34 crore in the first quarter of the current fiscal compared with ₹1,555.49 crore a year ago, the company said in a statement.
"The growth comes on the strength of a 5.3 per cent growth in its crude oil production to 0.820 million tonnes in Q1 of FY24 vis-Ã -vis 0.729 million tonnes produced in Q1 of the last FY, coupled with lower operating costs," it said.
The firm got USD 76.85 for every barrel of crude oil produced as compared to USD 112.73 a barrel price realisation last year.
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin for the period ended June 30, 2023 increased to 53.49 per cent as compared to 44.76 per cent in the previous comparative period, an increase of 19.51 per cent.
A drop in prices meant that the turnover dropped to ₹4,644.73 crore in Q1 as compared to ₹5,964 crore a year ago.
