The shares of the integrated Exploration & Production company gained up to 5 percent after the company’s net profit and revenue increased by 307 percent and 28 percent QoQ respectively in the third quarter.
With a market capitalization of Rs 53,173.81 crore, the shares of Oil India Ltd were trading at Rs 490.35 per share, increasing around 4.25 percent as compared to the previous closing price of Rs 470.35 apiece.
Looking into the company’s Performance, Oil India Ltd’s revenue increased by 28 percent on a quarter-on-quarter basis from Rs. 7,497 crores in Q2FY24 to Rs. 9,614 crores in Q3 FY24. Furthermore, revenue jumped by 3 percent year on year from Rs. 9,302 crores in Q3FY23 to Rs.9,614 crores in Q3FY24.
Oil India Ltd’s net profit increased by 307 percent on a quarter-on-quarter basis from Rs.640 crores in Q2FY24 to Rs. 2,608 crores in Q3FY24. Further, net profit increased by 3 percent yearly from Rs. 2,529 crores in Q3FY23 to Rs.2,608 crores in Q3FY24.
Oil India increased Crude Oil output by 5.68% to 2.511 MMT, up from 2.376 MMT in the same period last year. Furthermore, crude oil output increased by 6.07% year on year in the quarter ending December 31, 2023. Natural gas output grew by 2% in Q3 FY24 compared to Q3 FY23.
NRL a group company of Oil India, continued its remarkable track record and displayed the highest-ever crude throughput of 3,091 TMT in FY 2022-23 with capacity utilization of 103%. The gross refinery margin of NRL for FY 2022-23 was USD 19.86/bbl in relation to USD 14.33/bbl for FY 2021-22.
In FY 2022-23, NRL, a group subsidiary of Oil India, achieved a record crude throughput of 3,091 TMT with 103% capacity utilization. The gross refinery margin of NRL for FY 2022-23 was USD 19.86/bbl, compared to USD 14.33/bbl in FY 2021-22.
Oil India Ltd. is in the business of exploring, developing, and producing crude oil and natural gas, as well as transporting crude oil and producing LPG. It also offers other E&P services to oil blocks.
Written by:- Abhishek Singh
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