New Delhi, Aug 12: State-run upstream company Oil India (OIL) on Tuesday reported a 40 percent growth in net profit at Rs.852 crore for the first quarter ending June on the back of higher crude and natural gas prices. The company had recorded a net profit of Rs.609 crore in the corresponding period a year ago.
Oil net sales grew by 27 percent to Rs.2,515 crore in the quarter ended June 2014, from Rs.1,981 crore in the same period of the previous fiscal. Operating profit as represented by earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60 percent over the same quarter of last year to Rs.1,116 crore.
Earnings before interest and tax (EBIT) of the crude oil business more than doubled in the quarter over the same period in the previous year to Rs.910 crore from Rs.427 crore. Oil’s other income in the quarter in question declined to Rs.282 crore from Rs.352 crore a year ago.
At 15.04 p.m. Tuesday, Oil India stock was trading at Rs.572.50 per share, up 5 points, or 0.88 percent, over its previous close in the BSE.