Oil India Q3 profit slips 44% to Rs 1,457 crore; declares Rs 7/share interim dividend

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Oil India Limited (OIL) on February 7 reported 44 percent decline in consolidated net profit at Rs 1,457 crore for the third quarter of financial year 2024-25, compared to Rs 2,607 crore last year.

The state-run oil and gas exploration company’s revenue from operations also fell to Rs 9,089 crore, as against Rs 10,912 crore, registering a fall of 16.7 percent. The fall in company’s profit comes on account of lower price realisation. In the third quarter, the company’s crude oil price realisation was at $73.82 per barrel, much lower than $84.14 per barrel last year.

Oil India announced second interim dividend of Rs 7 per share for the financial year 2024-25, which would be paid on or before March 8, 2025, the company said in an exchange filing.

For the nine months ending December 31, 2024, the company registered a cumulative hike of 4.10 percent in its crude production which increased to 2.614 million metric tonnes (MMT) from 2.511 MMT produced in the corresponding period of FY24.

The company also registered a surge of 2.9 percent in its cumulative gas production by end of Q3 FY25 to 2,446 million metric standard cubic metre (MMSCM) from 2,377 MMSCM registered during the corresponding period of FY24.