Oil India Q2 net profit rises 11% at Rs 674.80 cr

New Delhi: State-owned Oil India Ltd on Monday reported an 11 percent rise in its second quarter net profit at Rs 674.80 crore, helped by higher realisation on crude oil sales.

Company's net profit in the July-September quarter a year ago stood at Rs 608.33 crore, the company said in a filing to stock exchanges.

Turnover increased to Rs 2,956.51 crore in the second quarter of the current fiscal, from Rs 2,620.44 crore in the year-ago period.

With the government exempting upstream oil producers from payment of subsidy on LPG and ordering only a limited payout on kerosene, OIL's earnings from crude oil sales were up 12 percent to Rs 1,747.28 crore and pre-tax profit from oil sales rising 18.7 percent to Rs 538.38 crore.

The company had to shell out Rs 84.50 crore to help state retailers sell PDS kerosene at subsidised rates. This compared to Rs 2,238.50 crore subsidy payout in the second quarter of the last fiscal.

It had cash and cash equivalent of Rs 9,497.78 crore as on September 30, higher than Rs 8,707.30 crore as of March 31. Oil India also had debt of Rs 9,134.13 crore as on September 30 as opposed to Rs 8,341.08 crore on March 31.

Oil India shares ended 0.69 percent down at Rs 398.70 on the BSE.