BUSINESS

The greatest quarterly profit ever for Oil India

With the aid of increased oil output and improved pricing, state-owned Oil India (OIL) announced on Monday its highest-ever quarterly net profit in the three months ending on March 31.

 

In a statement, the business claimed that the standalone net profit for the months of January through March was Rs 2,028.33 crore, 13.45% more than the profits during the same time the previous year. It further said that this was “the highest ever (quarterly) profit after tax.”

According to a stock market statement by the country’s second-biggest state-owned oil and gas producer, its net profit increased by 18% to Rs 2,332.94 crore in January-March, the fourth quarter of 2023–24, after accounting for Numaligarh Refineries’ profits on a consolidated basis.

The output of oil increased 6% annually. Turnover increased by 16% to Rs 10,375.09 crore as a result of higher oil prices. Profits from the production and sale of crude oil increased by 18%, but profits from gas decreased by 16.5% due to lower pricing.

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