State-owned oil and gas explorer Oil India Ltd (OIL) in November reported a net profit of Rs 238.95 crore during Q2 of FY 21 as against the reported net loss of Rs 248.61 crore during Q1 of FY21.

On a YoY basis, the Q2 net profit of the company, however, saw wide erosion dropping by almost 62 per cent from a level of Rs 627.23 crore in the July-September quarter of FY20.

The company’s EBIDTA for Q2 FY 21 improved to Rs 848.48 crore as against Rs 327.76 crore during Q1 of current fiscal. The EBIDTA during Q2 2019-20 was Rs 1,510.76 crore.

EBIDTA margin reduced to 37.21 percent in Q2 2020-21 from 43.39 per cent in Q2 2019-20.

The financial performance during Q2 2020-21 was adversely affected due to sharp fall in oil and gas price realizations, the company said in a statement. Average crude oil price realization during Q2 FY 2020-21 was $42.74/bbl which was lower by 30.28 per cent as compared to crude Oil price realization of $61.30/bbl during Q2 FY 2019-20.

Average natural gas price realization during Q2 2020-21 is at $2.39/MMBTU as compared to $3.69/MMBTU in Q2 FY 2019-20.

OIL’s crude oil production for Q2 2020-21 is 0.746 MMT. Natural gas production during the same period is 638 MMSCM.