New Delhi: State-owned Oil India Ltd on Thursday reported a more than three-fold jump in its first-quarter net profit on the back of a rise in crude oil prices. Consolidated net profit of Rs 1,214.65 crore in April-June was higher than Rs 377.63 crore profit a year back, according to the company’s filing with the stock exchanges.
Revenue rose to Rs 6,276.58 crore from Rs 4,334.48 crore last year.
Pre-tax profit from the sale of crude oil jumped to Rs 1,101.62 crore from Rs 28.76 crore in April-June 2020 when international oil prices had crashed to a multi-decade low of USD 19 per barrel.
On natural gas, its losses widened to Rs 88.58 crore from Rs 57.11 crore. OIL sells gas at a government-dictated price which is less than the cost of production.
