The state-run oil major's consolidated net profit tumbled 42.3% to Rs 381.75 crore on 32.5% fall in net sales to Rs 2,175.87 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax (PBT) slumped 59.1% to Rs 418.55 crore in Q2 September 2020 as against Rs 1,023.86 crore in Q2 September 2019. Current tax expense for the quarter dropped 73.5% to Rs 75.27 crore as against Rs 283.59 crore in Q2 September 2019. The Q2 result was declared after trading hours yesterday, 9 November 2020.
On a standalone basis, net profit skid 61.9% to Rs 238.95 crore on 32.5% decrease in net sales to Rs 2,168.95 crore in Q2 September 2020 over Q2 September 2019. The financial performance during Q2 FY21 was adversely affected due to sharp fall in oil and gas price realizations.
Standalone EBITDA fell 43.83% to Rs 848.48 crore in Q2 September 2020 from Rs 1,510.76 crore in Q2 September 2019. Standalone EBITDA margin stood at 37.21% in Q2 FY21 as against 43.39% in Q2 FY20.
In terms of dollars, crude oil price realization declined 30.27% to $42.74 per barrel in Q2 FY21 on comparison to $61.30 per barrel in Q2 FY20. In rupee terms, crude oil price realization dropped 26.36% to Rs 3,179 a barrel in Q2 FY21 over Rs 4,317.36 a barrel in Q2 FY20. Average natural gas price realisation during Q2 FY21 dropped 35.23% to $2.39/million metric British Thermal Units (MMBTU) as compared to $3.69/MMBTU in Q2 FY20.
Crude oil production slipped 8.57% to 0.746 million metric tonne (MMT) in Q2 September 2020 over 0.816 million metric tonne (MMT) in Q2 September 2019. Crude oil sales skid 8.35% to 0.724 MMT in Q2 FY21 from 0.790 MMT in Q2 FY20.
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Shares of Oil India rose 2.30% to Rs 88.90 on BSE.
Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 September 2020, the Government of India held 56.66% stake in the company.
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