Oil India Q2FY24 consolidated net profit falls 70% to Rs 640 cr
New Delhi: Oil India Limited (OIL) Wednesday reported a 70 percent decrease in its consolidated net profit compared to the same period last year, at Rs 640 crore for the second quarter of the fiscal year 2023-24.
In the corresponding quarter of the previous year, the state-run oil producer had recorded a net profit of Rs 2,116 crore.
The revenue from operations for this quarter amounted to Rs 8,816 crore, showing a 13 percent drop from Rs 10,121 crore in the previous year.
The company stated that it produced 0.835 million metric tonnes (MMT) of crude oil in the quarter under review, compared to 0.790 MMT in the same period the previous year.
Oil India produced 0.810 billion cubic meters (BCM) of natural gas in Q2FY24, as opposed to 0.823 BCM in the previous year.
The company reported that its earnings before interest, tax, depreciation, and amortization (EBITDA) in the second quarter of FY24 were Rs 3,197.74 crore, up from Rs 2,743.03 crore in the corresponding period of the previous year.
The board of directors of Oil India declared an interim dividend of Rs 3.50 per equity share.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Centre clears 3% DA hike for govt staff, pensioners ahead of festive season
After backlash over ‘trophy stealing act’, Mohsin Naqvi hands Asia Cup to UAE board; BCCI seeks impeachment
Teen batter Vaibhav Suryavanshi slams record-breaking century in Australia
Priyanka Chopra looks stunning in traditionals during her visit to Kajol-Rani Mukerji's Durga Puja celebrations
