Oil India Q1 profit triples as crude realisations, output climb
Oil India's Q1 standalone profit rose over three-fold to ₹28.70 billion, aided by higher crude realisations and an 11% output increase.
State-owned explorer Oil India has reported a sharp jump in first-quarter standalone profit, driven by stronger crude price realisations and higher production volumes.
The company's standalone net profit — which excludes contributions from joint ventures and overseas operations — came in at ₹28.70 billion for the three months ended June 30, compared with ₹8.13 billion in the same period last year.
The earnings boost was widely anticipated for upstream producers like Oil India, as supply disruptions linked to the Middle East conflict tightened the global market and lifted crude prices. Average Brent crude prices rose roughly 45% year-on-year during the quarter, while a depreciating rupee also aided realisations.
Oil India's crude price realisations climbed 11% to $98.73 per barrel, and its net profit margin more than doubled to 36.07% from 16.23% a year earlier.
Revenue from operations surged 59% to ₹79.58 billion, supported by an 11% increase in crude oil production. Total expenses rose 15.8% to ₹47.37 billion, largely due to a nearly 70% jump in statutory levies — government-imposed charges on crude oil and natural gas production.
The results follow a similar trend at peer ONGC, which earlier this week posted a more-than-doubled quarterly profit.