Oil India Q2 net grows 11 per cent at Rs 674.80 crore

State-run explorer Oil India Ltd (OIL) on Monday reported an 11 per cent rise in net profit for the second quarter ended September at Rs.674.80 crore, buoyed by higher realisation on crude oil sales.

OIL's net profit in the July-September quarter a year ago was Rs 608.33 crore, the company said in a stock exchange filing.

The company's turnover increased to Rs 2,956.51 crore in the second quarter, from Rs.2,620.44 crore in the same period a year ago .

Oil india's earnings from crude oil sales went up 12 per cent to Rs 1,747.28 crore and pre-tax profit from oil sales rose 18.7 per cent to Rs 538.38 crore.

The company said it paid Rs.84.50 crore to help state retailers sell kerosene at subsidised rates. This compared the to Rs 2,238.50 crore subsidy payout in the second quarter of the last fiscal.

Oil India had debts of Rs 9,134.13 crore as on September 30, as opposed to the debt of Rs 8,341.08 crore on March 31.

Oil India stock closed on Monday at Rs 398.70 a share, down 0.69 per cent compared to its previous close on the BSE.