Oil India Limited (OIL) announced its financial results for the third quarter of the fiscal year 2023-24. OIL posted a net profit of Rs. 1,584.3 crore, up from Rs. 325.3 crore in the previous quarter.

The company's revenue during the quarter lowered 0.3% to Rs. 5,323.7 crore, down from Rs. 5,342.3 crore in the preceding quarter. The revenue from operations, however, was up 3.16% from the year-ago period. Earnings before interest, taxes, depreciation, and amortisation came at Rs, 2,105.7 crore, down 15.4% sequentially. In the year-ago period, the EBITDA came at Rs. 4,176.8 crore.

For the 9 months period ended December 31, 2023, OIL demonstrated resilience and agility in a dynamic market environment, achieving significant milestones across key performance indicators.

OIL's EBITDA for the nine months ended December 31, 2023, rose to Rs. 8,474.47 crore from Rs. 8,399.17 crore during the corresponding period last year, the EBITDA margin also improved to 47.28% vis-à-vis 44.96%. The Earnings Per Share (EPS) during the period is Rs. 32.49/share. 

On the operational front, OIL achieved a commendable 5.68% increase in Crude Oil production, reaching 2.511 MMT compared to 2.376 MMT in the same period last year. Furthermore, the crude oil production is higher by 6.07% in the Quarter ended 31st December 2023 YoY highlighting company's operational efficiency and resource optimization. Natural Gas production during Q3 FY24 increased by 2% over Q3 FY23.

Crude Oil price realization for the nine months ended 31st December 2023 is US$ 82.89 / bbl vis-à-vis US$ 100.27 / bbl for the same period last year. Lower crude oil price realization and lower crude throughput of Numaligarh Refinery Limited on account of turnaround maintenance led to lower group turnover at Rs. 26,137.84 crore vis-à-vis Rs. 32,261.71 crore for the said period.