Oil India Q2 Results: Profit Down 54% On One-Time Loss, Misses Estimates
State-run Oil India Ltd.'s second quarter profit declined, missing analysts' estimates.
The crude exploration and production company's net profit fell 54.3% quarter-on-quarter to Rs 640 crore in the quarter ended September, according to an exchange filing. That compares with the Bloomberg estimate of Rs 1,646.1 crore.
The company's profit was down mainly on account of the one-time loss of Rs 2,366.84 crore in Q2.
However, in terms of revenue from operations, Ebitda and margin numbers reported, the company beat analysts' estimates.
Oil India also declared an interim dividend of Rs 3.50 per share for the financial year 2024. The record date set to ascertain the eligibility of shareholders for payment is Nov. 22 and the payment will be made on or before Dec. 8.
Oil India Q2 FY24 (Consolidated, QoQ)
Revenue up 37.6% at Rs 7,496 crore (Bloomberg estimate: Rs 5,130.6 crore).
Ebitda up 54.7% to Rs 3,523 crore (Bloomberg estimate: Rs 2,137.3 crore).
Margin at 46.99% vs 36.67% (Bloomberg estimate: 41.70%).
Net profit down 54.3% at Rs 640 crore (Bloomberg estimate: Rs 1,646.1 crore).
Segmentwise Revenue Break-Up
Refinery product revenue had the highest growth this quarter at 3.63 times to Rs 5,892.8 crore as compared with Rs 2,236.04 crore last quarter.
Segments like crude oil, natural gas and pipe transportation also reported double-digit growth on a quarterly basis, while LPG and renewable energy had a 6.19% and 4.48% fall quarter-on-quarter, respectively.
On a year-on-year basis, all the segments had a decline in revenue except for pipe transportation, that recorded a 35% growth.
The crude oil segment's contribution to total revenue stood at 37% this quarter, an increase from 33% a year ago, whereas the contribution of the refinery product segment fell from 57% in Q2 FY23 to 50% in this quarter of fiscal 2024.
Shares of Oil India closed 0.048% higher on Wednesday before the earnings were announced, as compared with a 0.19% rise in the Nifty 50.
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