InvestorQ : Can you give me your view on the doubling of profits of Oil India and is it a good buy?
Dhwani Mehta made post

Can you give me your view on the doubling of profits of Oil India and is it a good buy?

Answer
image
Dilmini Mercia answered.
10 months ago
Follow

For the quarter ended September 2021, the net profits of Oil India more than doubled to Rs.504.46 crore. This was largely supported by a surge in oil and gas prices. WTI crude, the US based oil benchmark, crossed $71.31/bbl and has almost spiked 75% on a yoy basis. This has helped Oil India, the second largest producer and extractor of crude oil in India, a much better pricing realization in the market on a per barrel basis.

In the case of Oil India, the production of oil was static on a yoy basis at 0.76 MT but output of natural gas rose by 1.78%. Top line revenues was up 61.3% yoy at Rs.3,679 crore and this was largely boosted by the better realizations in oil and gas. In fact, oil realizations stood at a very healthy $69.28/bbl during the quarter. The board of Oil India has recommended interim dividend of Rs.3.50 per share.

6 Views