NEW DELHI: State-owned Oil India (OIL) on Monday reported its highest-ever quarterly net profit in three months to March 31, helped by higher oil production and better prices.
Standalone net profit for January-March was at Rs 2,028.33 crore, 13.45% higher than the earnings in the same period of last year, the company in a statement said, adding that this was “the highest ever (quarterly) profit after tax”.
On a consolidated basis, after taking into account earnings of Numaligarh Refineries, its net profit was up 18% to Rs 2,332.94 crore in January-March, the fourth quarter of 2023-24, according to a stock exchange filing by the nation’s second-biggest state-owned oil and gas producer.
Oil production rose 6% year-on-year. Higher oil prices led to a 16% rise in turnover to Rs 10,375.09 crore. Earnings from crude oil produced and sold rose 18% but the same from gas dropped 16.5 per cent on lower prices.