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

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.