Shares of Oil India Ltd. surged by 3% following the release of its Q1 financial results, despite a dip in net profit. The company’s performance in the crude oil and natural gas segments contributed to investor confidence.
Financial Highlights
- Net Profit: Oil India’s standalone net profit for the quarter ended June 30, 2024, came in at ₹1,466 crore. This represents a decline of around 9% compared to the ₹1,613.4 crore posted in the same quarter last year.
- Revenue Growth: The company’s revenue from operations stood at ₹5,839 crore, marking a significant 24% increase from ₹4,644 crore in the corresponding quarter of the previous year.
- Crude Oil Segment: Revenue from the crude oil segment surged 25%, reaching ₹4,207 crore, up from ₹3,364 crore in the same quarter last year.
- Natural Gas Segment: The natural gas segment also performed well, with revenue increasing to ₹1,421.97 crore, compared to ₹1,113.2 crore in the previous year.
Market Reaction
As of 9:34 AM, Oil India’s shares were trading 2.40% higher at ₹627.55 on the NSE. The positive performance in the company’s revenue streams, particularly in crude oil and natural gas, has bolstered investor sentiment, leading to a rise in the stock price.
TOPICS:
Oil India