Oil India posts highest-ever quarterly profit in Q4
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State-owned Oil India reported its highest-ever quarterly net profit in the March quarter on Monday, helped by higher oil production and better prices.


Standalone net profit of Rs 2,028 crore in Jan-March was 13.5% higher than the earnings in the year-ago period, the company said in a statement, adding this was "the highest ever (quarterly) profit after tax". On a consolidated basis, after taking into account the earnings of Numaligarh Refineries, its net profit was up 18% to Rs 2,333 crore in Q4 FY24, according to a stock exchange filing by the nation's second-biggest state-owned oil and gas producer.

 

Oil production was up 6% year-on-year, and higher oil prices led to a 16% rise in turnover to Rs 10,375 crore. Earnings from crude oil produced and sold rose 18% but the same from gas dropped 16.5% on lower prices. For the fiscal FY24, its consolidated net profit fell 29% to Rs 6,980 crore. On a standalone basis, a net profit of Rs 5,552 crore for FY24 was lower than the Rs 6,810 crore of the previous year. Agencies



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