In the first quarter of FY24 (April-June), public sector company Oil India Limited (OIL) saw its consolidated net profit rise by 3.7 per cent to Rs 1,613.4 crore, up from Rs 1,555.5 crore in the corresponding period of FY23. Sequentially, the net profit fell by 9.7 per cent from Rs 1,788.3 crore recorded in Q4 FY23.
In the latest quarter, the revenue from operations of the national oil exploration and production company dwindled by 22 per cent to Rs 4,644 crore, compared to Rs 5,964 crore in the same quarter of the previous year. However, a 26 per cent fall in expenses helped the company register an overall rise in profits.
