The oil exploratory firm's consolidated net profit soared 221.65% to Rs 1,214.65 crore on 47.93% rise in revenue from operations to Rs 6,205.18 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Consolidated profit before tax surged 219.19% to Rs 1,678.08 crore in Q1 FY22 as against Rs 525.73 crore in Q1 FY21. The Q1 result was declared during trading hours today, 12 August 2021.
Revenue from Crude Oil segment grew 111.49% to Rs 2,548.99 crore in Q1 FY22 from Rs 1,205.21 crore in Q1 FY21. Natural Gas segment revenues dropped 22.80% to Rs 299.52 crore in Q1 FY22 from Rs 388.02 crore in Q1 FY21. Revenues from Refinery Products segment climbed 50.14% to Rs 4,865.96 crore in Q1 FY22 from Rs 3,240.79 crore in Q1 FY21. LPG segment revenues jumped 30.08% to Rs 34.20 crore in Q1 FY22 from Rs 26.29 crore in Q1 FY21.
Meanwhile, Oil India has acquired 39,84,36,929 equity shares (54.16%) of Numaligarh Refinery Limited (NRL) from Bharat Petroleum Corporation (BPCL) at Rs 217.75 per share for a total cash consideration of Rs 8,675.96 crore along with transfer of management control to the company on 26 March 2021. The share purchase agreement on this behalf amongst the buyers and seller was signed on 25 March 2021. As the company is holding 77.063% equity shares as at 30 June 2021, NRL has been consolidated as subsidiary considering 77.063% shareholding.
Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 June 2021, the Government of India held 56.66% stake in Oil India.
Shares of Oil India rose 0.46% to Rs 164.20 on BSE. The stock has traded in the range of Rs 159.05 to Rs 170.90 so far.
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