Oil India extends fall on disappointing September quarter results
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Oil India has dipped 3.5% to Rs 576, extending its previous day’s 2% fall on National Stock Exchange (NSE), after reporting a 33% decline in net profit at Rs 608 crore for the quarter ended September as a historic downslide in crude oil price impacted realizations. The state-owned petroleum explorer had profit of Rs 904 crore during the same quarter last fiscal.
Analysts on an average had expected net profit of Rs 861 crore for the quarter.
Total turnover of the company also slumped 22.6% to Rs 2,192 crore as compared to Rs 2,833 crore in the corresponding period last fiscal. Sales volume dipped 2.5% to 1.42 million tonne of oil and oil equivalent gas (MMTOE) during the three months ended September."Due to lower international crude oil price, gross crude price realisation for second quarter 2014-15 is lower by 6.54% to $ 101.25 per barrel as compared to $ 108.33 per barrel in second quarter 2013-14. The net realisation is $ 45.25 per barrel as compared to $ 52.33 per barrel," OIL said in a statement.
The stock opened at Rs 594 and hit a low of Rs 574 on NSE. A combined 285,912 shares changed hands on the counter till 1028 hours on NSE and BSE.
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