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State-run Oil India Ltd (OIL) has posted a 33.47 per cent drop in net profit for the first quarter of the financial year 2016-17 to Rs 494.41 crore, as compared to Rs 743.21 crore during the same period during the financial year 2015-16.
The company’s total income too decreased 22.2 per cent to Rs 2460.85 crore during the period under review, as against Rs 3164.12 crore during the first quarter of financial year 2015-16. The average crude price realised by OIL during the quarter was $43.09 per barrel, which was 25 per cent lower than the price realised during Q1 last year. OIL did not share any subsidy burden during the quarter. In rupee terms, the net crude oil price realisation during first quarter of 2016-17 was Rs 2,882 a barrel as against Rs 3,644 a barrel last year.
During the quarter, the company’s natural gas production was 731 million metric standard cubic meter (MMSCM), which was13.86 per cent higher than the production during the first quarter of the previous fiscal. Sale of natural gas during the quarter was 606 MMSCM, which was 20.7 per cent higher than the sale during the same period last year. On the other hand, the crude oil production during Q1 was seen at 0.803 MMT, 4.63 per cent lower than last year.
