Oil India Reports 379% Profit Growth in Q2 Amid Revenue Decline

6 Nov 2024 , 10:03 PM

Oil India reported a 379.29% year-on-year increase in profit for Q2 FY2024, despite a 7.72% decline in revenue compared to the same quarter last year.

Sequentially, revenue fell by 12.99%, but the company’s profit showed resilience with a 6.93% increase from the previous quarter, indicating strong cost management. Selling, general, and administrative (SG&A) expenses rose slightly by 2.16% quarter-on-quarter but saw a 3.9% decrease year-on-year, reflecting a disciplined spending approach.

Operating income surged 27.65% compared to the previous quarter and grew by an impressive 402.64% year-on-year, showcasing operational efficiency. Earnings per share (EPS) for Q2 stood at ₹12.4, a 47.38% decrease from the same period last year, which may raise concerns for investors despite the overall profit growth.

Over the past week, Oil India saw a return of 3.37%, and a strong 16.77% return over the last six months. Its year-to-date return stands at an impressive 99.76%.