OIL India Q4 Results: Oil India Limited, the second largest oil exporter in the country, said on Monday that there has been a decline of 8 percent in net profit in the March quarter. The reason for this is attributed to the low production of crude oil. The company said in the statement that its net profit stood at Rs 847.56 crore or Rs 7.82 per share in January-March 2021, compared to Rs 925.65 crore or Rs 8.54 per share in the same period last year.
Oil production fell by 5.28%
The company received US $ 59.80 for every barrel of crude oil in the quarter. There is an increase in this against US$ 5.18 a year ago. But oil production fell by 5.28 per cent to 0.72 million tonnes in January-March 2021.
Gas output remained almost flat at 0.649 billion cubic metres. Turnover increased to Rs 3,909.61 crore in the fourth quarter of the financial year 2020-21 from Rs 3,583.72 a year ago. Net profit fell to Rs 1,741.59 crore in 2020-21 due to low oil prices, from Rs 2,584.06 crore in the previous financial year.
Crude oil production stood at 2.964 million tonnes in 2020-21. This was 5.42 percent less than the production of 3.134 million tonnes during 2019-20. Natural gas production also declined by 5.68 per cent to 2642 million standard cubic meters in 2020-21.
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OIL said that its board had recommended a final dividend of Rs 1.50 per share for 2020-21. Earlier in February, the company had paid an interim dividend of Rs 3.50 per share. The company has acquired an additional 54.16 per cent ownership interest in Numaligarh Refinery Limited (NRL) on 26 March 2021, the statement said. The equity stake in NRL has been increased to 80.16 per cent, which includes 10.53 per cent shares taken by the Assam government. Now NRL is a subsidiary of OIL.
(Input: PTI)
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