Oil India Limited (OIL) on November 5 reported multi-fold rise in consolidated net profit year-on-year at Rs 2,069 crore in the second quarter of financial year 2024-25. The state-run oil producer had posted net profit of Rs 640 crore in the same quarter last year
However, consolidated net profit remained flat sequentially from Rs 2,016 crore in the quarter ended June 30.
Revenue from operations in the quarter came in at Rs 8,136 crore, a fall of almost eight percent from Rs 8,816 crore last year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in Q2 of FY25 was Rs 3,038.82 crore, compared to Rs 835.02 crore in Q2FY24.
The company declared interim dividend of Rs 3 per share.
Oil India recorded 4.79 percent rise in crude oil output for Q2FY25, achieving 0.875 million metric tonne (MMT). The crude oil production for the half-year FY25 increased by 5.5 percent to 1.746 MMT while natural gas production also grew by 3.99 percent, reaching 1,617 MMSCM during the period.
The company’s board of directors approved the formation of two separate joint venture companies with Hindustan Waste Treatment Pvt Ltd (HWTPL) and GPS Renewables Pvt Ltd (GPSRPL) to take up initiatives for establishment of Compressed Biogas (CBG) projects with equity holding in the ratio of 50:50, subject to approval of DIPAM and other authorities.
The board also approved a joint venture company with Bharat Petroleum Corporation Limited (BPCL) with equal equity shareholding, subject to necessary approvals from DIPAM and any other authorities, to execute City Gas Distribution (CGD) project in the Arunachal Pradesh State Geographical Area as authorised by Petroleum and Natural Gas Regulatory Board (PNGRB).
Shares of OIL settled at Rs 495 per piece on the BSE, up 4.81 percent from the previous day’s close.
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