Q1 FY'24: Oil India net profit rises by 4% to Rs 1,613 crore

New Delhi: Oil India Limited (OIL) on Tuesday reported a 4 percent rise in net profit in the June quarter on the back of higher production, which offset a reduction in price.

The company registered a net profit of Rs 1,613.34 crore in the first quarter of the current fiscal compared with Rs 1,555.49 crore a year ago, the company said in a statement.

"The growth comes on the strength of a 5.3 percent growth in its crude oil production to 0.820 million tonnes in Q1 of FY24 vis- -vis 0.729 million tonnes produced in Q1 of the last FY, coupled with lower operating costs," it said.

The firm got $ 76.85 for every barrel of crude oil produced as compared to $ 112.73 a barrel price realisation last year.

The earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin for the period ended June 30, 2023 increased to 53.49 percent as compared to 44.76 percent in the previous comparative period, an increase of 19.51 percent.

A drop in prices meant that the turnover dropped to Rs 4,644.73 crore in Q1 as compared to Rs 5,964 crore a year ago.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)