OIL India's Steady Q1 Despite Falling Crude Prices

Oil India Ltd, a state-owned enterprise, reported nearly stagnant net profit growth for the June quarter as oil prices saw a decline.

The company's consolidated net profit stood at Rs 2,046.51 crores for April to June, a slight increase from Rs 2,016.30 crores in the same period last year, according to a statement released by the company.

A significant drop was observed in standalone net profit, which fell to Rs 813.48 crores from last year's Rs 1,466.84 crores. This decrease was attributed to the sharp fall in crude price realization from USD 84.89 per barrel in Q1 FY25 to USD 66.20 per barrel in Q1 FY26, a 22% decline. On the production side, OIL reported the production of 1.680 million tonnes of oil and oil equivalent gas between April and June, compared to 1.689 million tonnes last year. The company also announced a hydrocarbon discovery in the Namrup-Borhat OALP block and commenced gas production in the Bakhritibba DSF block in Rajasthan's Jaisalmer district. Additionally, Numaligarh Refinery Ltd, a subsidiary of OIL, maintained its crude throughput at 7,99,000 tonnes during the first quarter, slightly up from 7,64,000 tonnes in the previous year.

(With inputs from agencies.)