OIL reports Rs 238.95 crore net profit in Q2

New Delhi, Nov 9 (IANS) State-owned oil and gas explorer Oil India Ltd (OIL) on Monday reported a net profit of Rs 238.95 crore during Q2 of FY21 202 as against the reported net loss of Rs 248.61 crore during Q1 of FY21.On a YoY basis, the Q2 net profit of the company, however, saw wide erosion dropping by almost 62 per cent from a level of Rs 627.23 crore in the July-September quarter of FY20.The company's EBIDTA for Q2 FY 21 improved to Rs 848.48 crore as against Rs 327.76 crore during Q1 of current fiscal. The EBIDTA during Q2 2019-20 was Rs 1,510.76 crore.EBIDTA margin reduced to 37.21 per cent in Q2 2020-21 from 43.39 per cent in Q2 2019-20.The financial performance during Q2 2020-21 was adversely affected due to sharp fall in oil and gas price realisations, the company said in a statement.Average crude oil price realisation during Q2 FY2020-21 was $42.74/bbl which was lower by 30.28 per cent as compared to crude Oil price realisation of $61.30/bbl during Q2 FY 2019-20.Average natural gas price realisation during Q2 2020-21 is at $2.39/MMBTU as compared to $3.69/MMBTU in Q2 FY 2019-20OIL's crude oil production for Q2 2020-21 is 0.746 MMT. Natural gas production during same period is 638 MMSCM.
--IANS sn/vd