Oil India, a public sector enterprise (PSU) that explores, develops, and produces crude oil and natural gas in India, had a 4.5% dip to ₹405.60 per share on the NSE on Monday, February 10, after the company’s December quarter (Q3 FY25) results announcement. On Friday, the PSU announced a 23% decline in its third-quarter net profit as crude oil production and sales prices plummeted.
In October-December 2024, the third quarter of April 2024 to March 2025 fiscal (FY25), the company’s net profit was ₹1,221.80 crore, compared to ₹1,584.28 crore the previous year, according to its statement. The nation’s second-largest state-owned oil and gas producer received USD 73.82 for each barrel of oil produced and sold, compared to USD 84.14 per barrel in October-December 2023.
In Q3, EBITDA was ₹2,321.34 crore, lower than the prior year’s ₹2,613.75 crore. Lower oil prices reduced revenue to ₹5,239.66 crore from ₹5,815.02 crore in Q3 FY24. In October-December 2024, the company’s oil and gas output remained relatively stable at 0.868 million tonnes and 0.829 billion cubic meters, respectively. For the first nine months of the current fiscal year, net profit increased by 28% to ₹4,522.71 crore.
“For NINE months ending December 31, 2024, the company registered a cumulative hike of 4.10 percent in its crude production, which increased to 2.614 million tonnes from 2.511 million tonnes produced in the comparable time frame of FY24,” according to the announcement. “The company also recorded a surge of 2.90 percent in its cumulative gas production by the end of Q3 FY25 to 2,446 million standard cubic meters from 2,377 mmscmd registered during the corresponding period of FY24,” according to the report.
