New Delhi: Oil India Ltd. (OIL), a state-owned company, on Thursday declared its highest quarterly net profit of Rs. 1,720 crore for July through September, despite the fact that a recently implemented windfall profit tax reduced some of the benefits from a rise in oil prices.
The company reported a net profit of Rs 1,720.53 crore in the second quarter of the current fiscal, up from Rs 504.46 crore in the same period last year. Due to increasing oil and gas prices, turnover increased to Rs 6,670.81 crore from Rs 3,678.76 crore in July–September 2021.
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The second-largest state oil producer in the country, the business, earned an average of USD 100.59 for each barrel of oil it produced and sold in Q2 compared to USD 71.35 per barrel earnings the previous quarter.
Gas output increased slightly to 0.823 billion cubic metres while oil production remained essentially steady at 0.79 million tonnes.
The government imposed a new tax on domestically produced crude oil starting in July in an effort to offset some of the gains made as a result of a rise in global oil prices, but the company still made a record amount of money. The price at which domestically produced crude oil is sold is benchmarked to market prices.
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