Oil India Limited (OIL) on August 8 reported a slight increase in standalone net profit of around 4 percent in the first quarter of FY24 amid decline in crude oil prices.
The net profit of the oil and gas explorer was Rs 1,613.4 crore, compared to Rs 1,555.5 in the same period last year.
Sequentially, net profit declined 8 percent from Rs 1,788 crore in the March quarter (Q4FY23).
Revenue from operations declined 22 percent to Rs 4,645 crore in Q1, as against Rs 5,964 crore in year-ago period. EBITDA of Oil India was Rs 2663 crore in the quarter.
Revenue from the company’s crude oil segment declined 29 percent year-on-year to Rs 3,365 crore.
Shares of Oil India closed at Rs 273.60 on BSE, up 0.42 percent.
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