Oil India Limited (OIL), the youngest Maharatna CPSE of the Government of India, has reported a significant increase in its crude oil and natural gas production. The company’s crude oil production has risen by 6.22%, while natural gas production has surged by 9.80% in Q1 FY25 compared to Q1 FY24.
The company’s financial results for the quarter ended June 30, 2024, were declared on August 8, 2024, revealing a Profit After Tax (PAT) of Rs. 1,466.84 Crores for Q1 FY25. This marks a substantial increase from the previous quarter. Additionally, OIL reported a contribution to the exchequer in the form of Special Additional Excise Duty (SAED) of USD 10.27/bbl in Q1 FY25.
The average crude oil price realization for Q1 FY25 stood at USD 84.89/bbl, a 10.46% increase from USD 76.85/bbl for Q1 FY24. OIL’s group’s consolidated turnover for Q1 FY25 is Rs. 9,350.89 crores, up from Rs. 6,408.76 Crores in Q1 FY24. The consolidated Profit After Tax for Q1 FY25 is Rs.2,016.30 Crores, compared to Rs.1,399.49 Crores for Q1 FY24.
OIL’s impressive production growth and financial performance are a testament to the company’s commitment to excellence and sustainability. With a focus on innovation and strategic planning, OIL is poised for continued success in the energy sector.**End*
