Oil India slips 3% as Q2 profit tanks 70%

Revenue from operations in the quarter came in at Rs 8,816 crore, a fall of 13 percent from Rs 10,121 crore a year ago

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Oil India share price fell 3 percent in the early trade on November 9, a day after the company reported a weak set of numbers for the September quarter of the current financial year.

At 9.18 am, Oil India was quoting at Rs 299.50, down Rs 11.20, or 3.60 percent, on the BSE.

The company on November 8 reported a 70 percent year-on-year decline in consolidated net profit at Rs 640 crore in the second quarter of financial year 2023-24. The company posted a net profit of Rs 2,116 crore in the same quarter of the previous year.

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Revenue from operations came in at Rs 8,816 crore, a fall of 13 percent from Rs 10,121 crore last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 1,486 crore, down from Rs 3,430 crore in Q2FY23.

Oil India’s board of directors has declared an interim dividend of Rs 3.50 a equity share.