Oil India Profit Soars 60% on Higher Revenue and Stronger Margins

Oil India Ltd reported a strong performance in the June quarter, with its standalone profit rising more than 60% sequentially. The Maharatna PSU's revenue from operations increased by one-third to ₹7,958.1 crore, driven primarily by higher crude oil and natural gas revenues. Operating profitability improved sharply during the quarter, with EBITDA surging to ₹4,084 crore from ₹1,821 crore in the preceding quarter.

The company's core exploration and production business remained strong, supported by higher revenues and significantly improved operating profitability. Oil India's crude oil business remained its largest revenue contributor, with revenue increasing to ₹6,120.8 crore in the June quarter from ₹4,406.5 crore in the March quarter.

The company also achieved production milestones during the quarter, producing 0.950 million metric tonnes of crude oil compared to 0.853 MMT in the corresponding quarter last year. Additionally, Oil India's subsidiary Numaligarh Refinery Ltd delivered a strong quarter, with profit after tax increasing by 167% year-on-year.