Profit grew in spite of a 1.2 per cent decline in sales. The March 2021 quarter was the eighth consecutive quarter of decline in sales of the industry.
The faster fall in operating expenses compared to operating income or sales revenues resulted in the industry nearly doubling its operating profits, which grew 92 per cent.
The crude oil and natural gas industry reported a handsome 471 per cent growth in net profit on the back of a 92 per cent growth in operating profits for the March quarter.
Net profit margin expansion was far more from a mere 3.8 per cent to 20.1 per cent in March 2021 quarter, as compared to previous quarter.
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