NEW DELHI: In spite of dip in crude production,Oil India Ltd(OIL) on Wednesday reported over 9% rise in net profit in the June quarter on the back of higher crude and gas prices. Net profit in the April-June quarter stood at Rs 929.9 crore against Rs 849.6 crore in the same period a year ago, a company statement said. Crude production dipped almost 2% to 0.9 million tonne, while gas output was down 2.4% at 0.6 billion cubic metres.
OIL paid Rs 2,015 crore in fuel subsidies in the quarter, up 13% from the same period a year ago. Gross realization from crude sales was down from $116.32 per barrel in Q1 last fiscal to $109.78 a barrel this year. Net realization after subsidy payout decreased from $59.55 per barrel to $53.85 a barrel in the April-June period this year.
Edited By Cen Fox Post Team
