OIL Sees Record Q1 Growth: Crude Oil Up 6.22%, PAT Hits ₹1,466.84 Crore, Turnover Soars 46%

On August 8, 2024, Oil India Limited (OIL) announced its financial results for the quarter ending June 30, 2024.

For Q1 FY25, OIL reported a profit after tax of ₹1,466.84 crore. The company contributed ₹507.75 crore in Special Additional Excise Duty (SAED) at USD 10.27 per barrel, up from ₹113.55 crore at USD 2.59 per barrel in Q1 FY24. Additionally, a provision of ₹203.90 crore was made for Service Tax/GST on Royalty. The average crude oil price realized was USD 84.89 per barrel, which is a 10.46% increase from USD 76.85 per barrel in Q1 FY24.

Oil India Limited (OIL), the newest Maharatna company under the Government of India, has shown remarkable growth. In the first quarter of FY25, its crude oil production increased by 6.22%, and natural gas production rose by 9.80% compared to the same period in FY24.

For the first quarter of FY25, Oil India Limited (OIL) reported a consolidated turnover of ₹9,350.89 crore, up from ₹6,408.76 crore in Q1 FY24. The consolidated profit after tax for Q1 FY25 was ₹2,016.30 crore, compared to ₹1,399.49 crore in Q1 FY24.

About Oil India Ltd

Oil India Ltd is involved in producing crude oil and natural gas, as well as producing LPG and transporting crude oil and natural gas. The company also offers a range of services related to oil blocks. In August 2023, Oil India Ltd was granted “MAHARATNA” status. As of FY23, the company has domestic reserves of 70.56 million metric tons (MMT) of crude oil and 138.51 billion cubic meters (BCM) of natural gas. It holds exploration rights for 62 operating blocks in India and aims to increase its production to 4 MMT of crude oil and 5 BCM of natural gas in the coming years. For FY23, the company produced 3.176 MMT of crude oil and 3.18 BCM of natural gas.

On August 9, 2024, the share price of Oil India Limited opened at ₹619.00, touching the day’s low at ₹654.00, as of 11:16 AM on the NSE.

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