"The revenue and PAT for Q2 and H1 of FY21 have declined as compared to corresponding period of FY20 mainly due to lower crude oil price realisation," the company said in a statement.
"Lower gas prices also contributed to lower topline and bottom line."
According to the company, it has also recognised an 'exceptional' Item towards impairment loss of Rs 1,238 crore in Q2 FY21 to factor into estimated future crude oil and natural gas prices.
"This impairment loss may be reversed in future as and when there is increase in crude oil and gas price. However, PAT for Q2FY21 has increased by 480 per cent i.e. from Rs 496 crore in Q1 FY21 to Rs 2,878 crore in Q2 FY21 due to recovery of crude oil price," the statement said.
On a consolidated basis, the company reported a rise of 4.3 per cent in its Q2FY21 net profit t0 Rs 5,801 crore from Rs 5,560 crore on a YoY basis.
However, the consolidated net profit attributable to owners was down 19 per cent to Rs 4,335 crore from Rs 5,349 crore reported for the corresponding period of the previous year.
In addition, the consolidated gross revenues declined 17.7 per cent to Rs 83,619 crore against Rs 101,575 crore in FY20. --IANS
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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