Oil India’s second-quarter profit surged more than five times to Rs 1,834 crore in this financial year from Rs 325 crore a year earlier on an exceptional provision last year.The company’s revenue declined 7% year-on-year to Rs 5,519 crore in the July-September period. Profit before exceptional items and tax fell 10% to Rs 2,305 crore for the quarter. The company had provided for an exceptional item of Rs 2,363 crore in the year-ago quarter.Its operating margin fell to 30.4% from 34.9% a year earlier.Oil India’s operating profit on both oil and gas sales fell from a year earlier. Operating profit in oil fell 23% to Rs 1,467 crore and in gas by 25% to Rs 571 crore.Ahead of the earnings announcement, Oil India shares closed 4.87% higher on the BSE on Tuesday, when the benchmark Sensex ended 0.88% higher.The company declared an interim dividend of Rs 3 per share, which will be paid by December 4.
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