Oil India Q2 net dips 18% to Rs 580 cr

New Delhi, Nov 28 (IANS) State-run explorer Oil India (OIL) on Monday reported a 17.8 per cent fall in standalone net profit for the second quarter ended September at Rs 580.3 crore, as compared with Rs 705.7 crore in similar period a year ago, caused by lower revenue and operational income.

The company’s total income during the quarter in question decreased to Rs 2,721 crore, from Rs 2,960.8 crore for the quarter ended September 30 last year, OIL said in a stock exchange filing.

Revenue during the quarter in consideration declined 7.9 per cent compared to last year to Rs 2,331.4 crore.

Oil India’s other income also fell 9.3 per cent year-on-year, to Rs 389.5 crore.

Operating income, or EBITDA (earnings before interest, tax, depreciation and amortisation), fell nine per cent compared to last year, to Rs 836.5 crore.

EBITDA margins in the second quarter contracted by 40 basis points to 35.9 per cent, as against 36.3 per cent in the same period of the last fiscal.

Oil India also said its board of directors on Monday recommended issue of bonus shares in the ratio of one bonus share for every three shares held.

The central government currently holds 67.64 per cent stake in Oil India.

With results being declared during trading hours, Oil India stock closed on Monday at Rs 427.80 a share, down 9.10 points, or 2.08 per cent, on its previous close on the Bombay Stock Exchange.

–IANS

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