Oil India Q3 Results: Net profit of Rs 1,244.90 cr in October-December 2021

State-owned Oil India Ltd on Friday reported 37 percent jump in third quarter net profit as it benefitted from a rise in international oil prices.

Net profit of Rs 1,244.90 crore in October-December 2021 is compared with Rs 903.69 crore net profit a year back, the company said in a statement.

Total income jumped 88 percent to Rs 4,705.20 crore in the three-month period ended December 31, 2021.

"Average crude oil price realization for Q3 2021-22 is USD 78.59 per barrel as compared to USD 44.09 for Q3 of 2020-21, increase of 78.25 per cent," it said.
Also, natural gas price rose to USD 2.90 per million British thermal unit from USD 1.79.

While natural gas production rose 18 per cent to 0.793 billion cubic meters in Q3, crude oil production was almost unchanged at 0.75 million tonne.

Board of OIL declared a second interim dividend of Rs 5.75 per share for 2021-22 which resulted in total interim dividend till date of Rs 9.25 per share for the fiscal year.

For nine months ended December 31, 2021, OIL net profit soared 152 per cent to Rs 2,257.30 crore. Turnover of the company increased to Rs 10,051.57 crore from Rs 6,028.72 crore last year up to December 2020.

"The OIL-Assam Gas Company Limited consortium (OIL-49 per cent and AGCL-51 percent) has received letter of intent for grant of authorization for development of city gas distribution network in three geographical areas (two in Tripura and one in north bank of Assam) in the recently concluded 11th round of CGD bidding round," the statement added.