Oil India Ltd posts highest quarterly net profit

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New Delhi: State-owned Oil India Ltd (OIL) on Thursday reported its highest ever quarterly net profit of Rs. 1,720 crore from July to September, even as the recently introduced windfall profits tax has eroded some of the gains from higher oil prices.

The company reported a net profit of Rs 1,720.53 crore in the second quarter of the current fiscal, as against Rs 504.46 crore in the same period last year. Due to rising oil and gas prices, turnover increased to 6,670.81 billion from 3,678.76 billion in July-September 2021.

The nation’s second-largest state-owned oil producer earned an average of $100.59 per barrel of oil produced and sold in the second quarter, compared with $71.35 per barrel in the previous quarter.

Gas production increased slightly to 0.823 billion cubic meters, while oil production essentially remained at 0.79 million tons.

The government imposed a new tax on domestically produced crude oil in July to offset some of the profits from rising global oil prices, but the company still made a record amount of money. The selling price of domestically produced crude oil is compared to market prices.



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