State-owned Oil India Ltd today reported a net profit of Rs 866.5 crore for the March quarter on the back of higher oil prices.
The company had a net profit of Rs 19.31 crore in the January-March quarter of 2016-17 owing to one-time impairment it had taken.
In a statement, OIL said it got USD 64.93 per barrel for crude oil it produced in the January-March quarter of the fiscal 2017-18 as compared to USD 52.50 a barrel in the same period of the previous year.
Its output was however flat at 0.8 million tonnes while gas production was marginally lower at 0.7 billion cubic metres during the quarter under review.
OIL's turnover increased to Rs 3,784.91 crore in the March quarter, from Rs 3,308.98 crore a year ago.
For the entire 2017-18, the company posted 72 per cent jump in net profit to Rs 2,667.93 crore.
Also Read
Oil production was up 3.5 per cent at 3.39 million tonnes while price realised increased by over USD 8 to USD 55.72 per barrel in the fiscal.
Natural gas rates however declined to USD 2.69 per million British thermal unit from USD 2.78 per mmBtu, the statement said.
Disclaimer: No Business Standard Journalist was involved in creation of this content