NEW DELHI: 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
