Oil India Q3 Net Profit Declines 23% on Lower Crude Prices
Feb 8: State-owned Oil India Ltd (OIL) reported a 23% decline in its net profit for the third quarter of the ongoing fiscal year, primarily due to a drop in crude oil prices.
The company posted a net profit of ₹1,221.80 crore for the October-December 2024 period, down from ₹1,584.28 crore in the same quarter last year, according to an official statement.
The decline in earnings was driven by lower realizations from crude sales. Oil India earned $73.82 per barrel in Q3 FY25, significantly lower than the $84.14 per barrel it fetched in Q3 FY24. As a result, revenue fell to ₹5,239.66 crore from ₹5,815.02 crore in the year-ago period. EBITDA also declined to ₹2,321.34 crore from ₹2,613.75 crore.
Despite the financial dip, oil and gas production remained steady at 0.868 million tonnes and 0.829 billion cubic meters, respectively. However, for the first nine months of FY25, net profit surged 28% to ₹4,522.71 crore, showcasing overall growth.
Oil India also highlighted a 4.10% increase in cumulative crude production for the nine-month period, rising to 2.614 million tonnes, while natural gas production grew 2.90% to 2,446 million standard cubic meters (mmscmd).
The OIL Board has declared an interim dividend of ₹7 per share, bringing the total interim dividend for FY25 (till Q3) to ₹10 per share.
(Source: PTI)