Oil India Q2 revenue drops 42% on decrease oil costs, blowout bills

2020/11 09 14:11

Oil India Ltd (OIL), the state oil producer, on Monday reported 42 per cent drop in September quarter internet revenue largely on account of decrease oil costs and one-time expense it incurred on controlling a blowout in Assam.

Web revenue in July-September at Rs 381.75 crore was decrease than Rs 661.53 crore internet revenue in the identical interval a 12 months again.

OIL stated a blowout occurred in a producing effectively (Baghjan#5) in Tinsukia district of Assam on Could 27 and the effectively caught hearth on June 9.

“To manage the blowout, all essential remedial actions (have) been undertaken by the corporate,” it stated including the entire losses/damages arising out of the blowout may be assessed on profitable management of the blowout.

The corporate is at present attempting to regulate the blowout.

“Nonetheless, as on September 30, 2020 an quantity of Rs 227.51 crore has been incurred to regulate the blowout and the identical has been proven as an distinctive merchandise within the assertion of revenue and loss,” it stated.

Out of Rs 227.51 crore, Rs 134.12 crore has been booked throughout September quarter.

Turnover fell 32 per cent to Rs 2,175.87 crore within the second quarter of the present fiscal.

A fall in worldwide oil costs led to income from the sale of crude oil stoop by 32 per cent and phase pre-tax revenue greater than halved to Rs 432.27 crore.

Decrease pure gasoline costs additionally noticed revenues from its gross sales stoop 41 per cent and pre-tax revenue drop to Rs 51.70 crore from Rs 176.93 crore in July-September 2019.

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