Oil India Ltd Faces Profit Downturn Amid Crude Price Dip

Oil India Ltd saw a 23% decline in Q3 net profit due to falling crude prices. The profit stood at Rs 1,221.80 crore, compared to Rs 1,584.28 crore previously. However, during the fiscal's first nine months, net profit rose 28% to Rs 4,522.71 crore. Oil production increased slightly.

State-owned Oil India Ltd (OIL) reported a notable 23 percent decrease in its third-quarter net profit, attributed to a decline in the price of crude oil that the company produces and sells.

According to a company statement, net profit in the October-December 2024 period was recorded at Rs 1,221.80 crore for this fiscal year's third quarter, compared to Rs 1,584.28 crore in the same period last year.

Despite the reduction, Oil India's oil and gas production remained largely stable, while net profit for the first nine months increased significantly by 28 percent. The company announced an interim dividend recommendation of Rs 7 per share.