State-owned Oil India Limited (OIL), on 5 November, reported a 25% rise in consolidated net profit on a quarterly basis, reaching ₹1,834 crore for the July-September 2024 period, compared to ₹1,466.8 crore in the previous quarter.

Revenue from operations came in at ₹5,246.2 crore, down 1.6% from the ₹5,332 crore reported last quarter.

Additionally, EBITDA declined by 11.5% to ₹2,183.2 crore from ₹2,466 crore quarter-on-quarter, with margins shrinking from 46.3% to 41.6%.

On an annual basis, OIL recorded a significant net profit jump, reaching ₹2,069 crore from ₹640 crore in the same quarter last year. Revenue for the quarter was ₹8,136 crore, reflecting an 8% year-on-year decline from ₹8,816 crore.

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Oil India has also declared an interim dividend of 30%, equivalent to ₹3 per share at a face value of ₹10, with a record date set for November 15.

Meanwhile, the company announced two joint ventures to pursue Compressed Biogas (CBG) projects: one with Hindustan Waste Treatment and another with GPS Renewables and Bharat Petroleum Corporation Limited (BPCL).

Shares of Oil India closed at ₹495.45 on the BSE, marking a 4.81% gain. The stock has surged 96% year-to-date and 145% over the past year.