Oil India reports almost flat net profit in Q1

New Delhi: State-owned Oil India Ltd (OIL) on Tuesday reported an almost flat net profit growth in the June quarter as oil prices fell.

Its consolidated net profit of Rs 2,046.51 crore in April-June compared with Rs 2,016.30 crore earned in the same period last year, according to a company statement.

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Standalone net profit fell to Rs 813.48 crore in Q1 from Rs 1,466.84 crore last year "due to a sharp drop in crude price realisation from USD 84.89 per barrel in Q1 FY'25 to USD 66.20 per barrel in Q1 FY'26, a drop of 22 percent," it said.

On the production front, OIL produced 1.680 million tonnes of oil and oil equivalent gas in April-June, compared to 1.689 million tonnes last year.

"During the quarter, OIL made a hydrocarbon discovery at Namrup-Borhat OALP block and commenced gas production from the Bakhritibba discovered small field (DSF) block located in Rajasthan's Jaisalmer district," the statement said.

OIL's subsidiary Numaligarh Refinery Ltd (NRL) sustained its crude throughput at 7,99,000 tonnes during Q1 against 7,64,000 tonnes last year.

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