February 8: State-owned Oil India Ltd (OIL) has reported a 23% decline in its net profit for the third quarter of FY25, primarily due to falling crude oil prices.
According to the company’s statement, net profit stood at ₹1,221.80 crore for the October-December 2024 period, compared to ₹1,584.28 crore in the same quarter last year. The drop in earnings reflects the impact of lower crude oil realizations.
During Q3, Oil India earned $73.82 per barrel of crude oil produced and sold, significantly lower than the $84.14 per barrel recorded in the same period of 2023. As a result, total revenue slipped to ₹5,239.66 crore, down from ₹5,815.02 crore in Q3 FY24.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also took a hit, falling to ₹2,321.34 crore from ₹2,613.75 crore year-on-year.
Despite financial setbacks, Oil India’s oil and gas production remained steady, with crude output at 0.868 million tonnes and natural gas production at 0.829 billion cubic meters during the quarter.
However, for the first nine months of FY25, the company saw an overall profit increase of 28% to ₹4,522.71 crore. It also registered a 4.1% growth in cumulative crude oil production, reaching 2.614 million tonnes, while natural gas output rose by 2.9% to 2,446 million standard cubic meters (mmscmd).
To reward shareholders, OIL’s board has declared an interim dividend of ₹7 per share, bringing the total interim dividend for FY25 so far to ₹10 per share.
(Source: PTI)
