Despite a broader decline in India’s crude oil production, Oil India Limited (OIL) has reported a notable increase in its output for the first quarter of FY2024-25. According to a statement released by the PSU, OIL achieved a 6.22 percent rise in crude oil production and a 9.8 percent increase in natural gas production for Q1 FY25 compared to the same period last year.
Oil India Limited, which holds the status of the youngest Maharatna Central Public Sector Enterprise (CPSE) of the Government of India, attributed this growth to enhanced operational efficiencies and strategic initiatives. The company noted, “OIL registers phenomenal growth in its Crude Oil and Natural Gas production with an increase of 6.22 percent in crude oil while the Natural Gas production is up by 9.80 percent in Q1 FY25 vis-a-vis Q1 FY24.”
In its financial results for the quarter ended June 30, 2024, OIL declared a Profit After Tax (PAT) of Rs 1,466.84 crore. This represents a significant improvement from the previous year, alongside an increased contribution to the exchequer through Special Additional Excise Duty (SAED), which rose to USD 10.27 per barrel in Q1 FY25, up from USD 2.59 per barrel in Q1 FY24. This contribution amounted to Rs 507.75 crore in Q1 FY25 compared to Rs 113.55 crore in the same quarter last year. A provision of Rs 203.90 crore was also made for Service Tax/GST on Royalty during Q1 FY25.
OIL’s average crude oil price realization for Q1 FY25 stood at USD 84.89 per barrel, marking a 10.46 percent increase from USD 76.85 per barrel in Q1 FY24. The group’s consolidated turnover for the quarter reached Rs 9,350.89 crore, up from Rs 6,408.76 crore in Q1 FY24. The consolidated PAT also saw a rise to Rs 2,016.30 crore for Q1 FY25, compared to Rs 1,399.49 crore for the same period in the previous fiscal year.
These results underscore Oil India Limited’s robust performance and its growing contribution to the nation’s energy sector amidst a challenging environment.
