Oil India Q2 net surges to ₹1,834.07 crore, declares ₹3 interim dividend  

National oil company Oil India’s standalone net profit surged to ₹1,834.07 for the quarter ended September compared with ₹325.31 crore in the year earlier period.

The higher net profit came on a year on year decline in revenue from operations to ₹5,518.95 crore (₹5,913.31 crore). The company has declared an interim dividend of ₹3 per share for 2024-25, which it said will be paid on or before December 4.

The manifold increase in net profit during the quarter was primarily on account of the low base in the corresponding period when the company reported ₹2,362.72 crore as an exceptional item towards Service Tax/GST on royalty. On Tuesday, Oil India shares closed 4.87% higher at ₹495.45 apiece on the BSE.

The company’s board has approved the formation of three equal joint ventures – with Hindustan Waste Treatment (HWTPL) to take up initiatives for establishment of Compressed Biogas (CBG) projects; with GPS Renewables (GPSRPL) for CBG; as well as with Bharat Petroleum Corporation (BPCL) to execute City Gas Distribution project in the Arunachal Pradesh State Geographical Area as authorised by Petroleum and Natural Gas Regulatory Board (PNGRB).

On a consolidated basis, net profit of Oil India for the second quarter of the fiscal increased to ₹2,069.16 crore (₹640.36 crore) on a revenue from operations of ₹8,135.90 crore (₹8,816.47 crore).