Oil India Q1 PAT soars to Rs 1,555 cr

The state-run oil major reported a standalone net profit of Rs 1,555.49 crore in Q1 FY23, steeply higher than Rs 507.94 crore recorded in Q1 FY22.

Revenue from operations climbed 98.7% year on year to Rs 5,967.55 crore in the quarter ended 30 June 2022. The company's total income soared 96.36% to Rs 6,029.86 crore as against Rs 3,070.78 crore posted in the same period a year ago.

Profit before tax surged to Rs 2,107.68 crore in the first quarter from Rs 677.37 crore reported in the corresponding quarter previous year.

EBITDA grew 108.08% to Rs 2698.67 crore in Q1 FY23 as against Rs 1296.92 crore recorded in Q1 FY22. EBITDA margin improved to 44.76% as compared to Rs 42.23% reported in Q1 FY22.

The company realised average crude price of $112.73 / bbl in Q1 FY23 as compared to $67.15 / bbl reported inQ1 FY22. Average Natural Gas price for Q1 FY23 also increased to $6.10 / metric million British thermal unit (MMBTU) from $1.79 / MMBTU during Q1 FY22.

Oil India has reported an increase of 4.14% in its Crude Oil production for Q1 FY23 to 0.779 million metric tonnes (MMT) as against 0.748 MMT of production in Q4 FY22 as well as Q1 FY22.

Natural Gas production for Q1 FY23 was also higher at 771 metric standard cubic meters (MMSCM) from 734 MMSCM in Q4 FY22 and 711 MMSCM in Q1 FY22, registering increase of 5.04% sequentially and 8.44% over corresponding quarter last year.

On consolidated basis, the company's net profit zoomed 165.9% to Rs 3,230.23 crore on 86.5% surge in revenue from operations from Rs 11,566.93 crore in Q1 FY23 over Q1 FY22.

Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 June 2022, the Government of India held 56.66% stake in the company.

Shares of Oil India were up 0.03% to Rs 187.15 on the BSE.

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