State-owned Oil India Ltd on Wednesday (November 8) reported a 79.8% quarter-on-quarter decline in net profit at ₹325.3 crore for the second quarter that ended September 30, 2023.

In the first quarter of FY24, Oil India posted a net profit of ₹73 crore, the company said in a regulatory filing.

In the second quarter of this fiscal, total revenue stood at₹5,342.3 crore during the period under review, up 27.3% against ₹4,531.1 crore on a quarter-on-quarter basis.

At the operating level, EBITDA rose 6.9% to ₹2,488.5 crore in the second quarter of this fiscal over ₹2,328.9 crore in the first quarter of this fiscal.

EBITDA margin stood at 46.6% in the second quarter as compared to 51.4% in the first quarter of this fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.

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The rise in EBIDTA was backed by the company’s continued improvement in crude oil production, which was higher by 5.70% year-on-year in Q2 of FY24 at 0.835 MMT.

Crude oil production for the half year ended September 30, 2023, also increased by 5.48% to 1.655 MMT visa-vis 1.569 MMT for the same period in FY23.

The company registered an increase of 8.72% in its natural gas production during Q2 of FY24 over Q1 of FY24. The Earnings Per Share for the half year ended September 30, 2023, is ₹17.88 per share.

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The company declared an interim dividend of ₹3.50 per share (35% of paid-up capital) for the financial year 2023-24. The interim dividend declared will be paid on or before December 8, 2023, it said.

"The Board of Directors decided Wednesday, 22nd November 2023 as the Record Date for ascertaining the eligibility of shareholders for payment of Interim Dividend 2023-24," it said.

The results came after the close of the market hours. Shares of Oil India Ltd ended at ₹310.70, down by ₹0.80, or 0.26%, on the BSE.

First Published:Nov 8, 2023 5:21 PM IST