Oil India (OIL) Q1 24/25 earnings summary

Executive summary

• Achieved significant growth in crude oil and natural gas production for Q1 FY25, with crude oil up 6.22% year-over-year and natural gas up 9.8% year-over-year.

• Consolidated revenue for Q1 FY25 was ₹9,350.89 crore, with consolidated net profit at ₹2,016.30 crore, up from ₹1,399.49 crore in Q1 FY24.

• Standalone revenue from operations for Q1 FY25 was ₹5,839.67 crore, up from ₹4,644.73 crore in Q1 FY24, with net profit at ₹1,466.84 crore compared to ₹1,613.43 crore year-over-year.

• Turnover increased by 25.73% to INR 5,840 crore, driven by higher crude oil prices and production volumes.

• Board approved and allotted bonus shares in July 2024, impacting EPS calculations for the quarter.

Financial highlights

• Average crude oil price realization for Q1 FY25 was $84.89/bbl, up 10.46% from $76.85/bbl in Q1 FY24.

• Standalone EBITDA for Q1 FY25 was robust, with profit before tax at ₹1,974.99 crore, compared to ₹2,099.68 crore in Q1 FY24.

• Consolidated profit before tax for Q1 FY25 was ₹2,701.47 crore, up from ₹1,843.35 crore year-over-year.

• Standalone EPS (adjusted for bonus shares) was ₹9.02 for Q1 FY25, while consolidated EPS was ₹11.59.

• Net worth (consolidated) stood at ₹46,340.71 crore as of June 30, 2024.

Segment performance

• Crude oil remained the largest revenue contributor, with Q1 FY25 segment revenue at ₹4,207.96 crore (standalone and consolidated).

• NRL's gross refining margin improved to $6.43/bbl from a negative $15.59/bbl year-over-year.

• Refinery products contributed significantly to consolidated results, with Q1 FY25 revenue at ₹6,465.75 crore.

• Natural gas segment revenue was ₹1,421.97 crore, and LPG contributed ₹48.21 crore in Q1 FY25.

• NRL's EBITDA for Q1 FY25 was INR 734 crore, compared to negative INR 5 crore in Q1 FY24.