Oil India sees 13% rise in March quarter profit on high prices
New Delhi: Oil India reported a 13% increase in profit for the March quarter to ₹2,029 crore on high oil prices.
Revenue from operations increased 2% year-on-year to ₹5,757 crore in the fourth quarter of 2023-24. Dividend and interest income doubled to ₹785 crore from ₹388 crore in the year-ago period.
Profit for the full fiscal fell 18% to ₹5,552 crore from ₹6,810 crore in 2022-23 «due to the provisions made for statutory compliances», Oil India said. Revenue fell 5% to ₹22,130 crore in 2023-24, it said.
Operating profit from the oil business increased 18% to ₹1,745 in the fourth quarter while profit from natural gas fell 16% to ₹687 crore.
The company reported a 6% production growth in crude oil during the quarter and 3% in natural gas.
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