Oil India Ltd, the nation's second-largest state oil explorer, on Monday reported 8 percent drop in March quarter net profit on lower crude oil production.
Net profit in January-March 2021 at Rs 847.56 crore, or Rs 7.82 per share, was lower than Rs 925.65 crore, or Rs 8.54 a share, profit in the same period a year back, the company said in a statement.
The firm got USD 59.80 for every barrel of crude oil in the quarter, up from USD 5.18 a year back. But oil production fell by 5.28 percent to 0.72 million tonne in January-March 2021.
Gas output was almost flat at 0.649 billion cubic meters.
Turnover rose to Rs 3,909.61 crore in the fourth quarter of 2020-21 fiscal year from Rs 3,583.72 crore a year back.
Lower oil prices led to net profit in 2020-21 drop to Rs 1,741.59 crore from Rs 2,584.06 crore in the previous financial year.
Average crude oil price realisation in 2020-21 was USD 43.98 per barrel as compared to USD 60.75 during 2019-20, a 27.61 percent decline resulting from demand disruption caused by COVID.
Also, average natural gas price realisation during 2020-21 decreased by USD 1.37 to USD 2.09 per million British thermal unit.
Crude oil production for 2020-21 at 2.964 million tonne was 5.42 percent lower than the 3.134 million tonne output during 2019-20.
Natural gas output too was 5.68 percent lower at 2642 million standard cubic meters in 2020-21.
OIL said its board recommended a final dividend of Rs 1.50 per share for 2020-21. The company had earlier paid an interim dividend of Rs 3.50 per share in February.
"The company has acquired additional 54.16 percent ownership interest in Numaligarh Refinery Ltd (NRL) on March 26, 2021, for total cash consideration of Rs 8,676 crore increasing the equity stake in NRL to 80.16 percent, including 10.53 percent shares held on behalf of Government of Assam," the statement said.
NRL is now a subsidiary of OIL.