Oil India logs 4% y-o-y growth in Q1FY24 net profit to Rs 1,613 crore; stock slips ~2%

9 Aug 2023 , 10:01 AM

Oil India announced a small increase in first-quarter profit as lower expenses offset a decline in income due to a drop in crude prices.

Profit for the quarter ended June 30 increased 4% year-on-year to Rs 1,613 crore ($194.8 million).

At around 9.50 AM, Oil India was trading 2.17% lower at Rs 267.70, against the previous close of Rs 273.65 on NSE. The counter touched an intraday low of Rs 261.55.

Total expenses fell by 26.5%, outweighing a 22% drop in revenue. Crude oil prices fell more than 43% year-on-year in the June quarter.

After the government lowered gas prices in April, Oil India’s profit fell nearly 10% from the previous quarter.

Profit before taxes and interest from the company’s natural gas business increased approximately 88% y-o-y but decreased by around 25% sequentially.

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