Oil India (OIL) Q2 24/25 earnings summary

Executive summary

• Crude oil production rose 4.79% YoY in Q2 FY25 to 0.875 MMT, and 5.5% YoY in H1 FY25 to 1.746 MMT.

• Natural gas production for H1 FY25 increased 3.99% YoY to 1.617 BCM, but Q2 FY25 saw a 1.36% YoY decline to 0.799 BCM due to customer shutdowns.

• Turnover for H1 FY25 grew 7.58% YoY to INR 11,358.62 crore, with consolidated revenue at INR 17,486.79 crore.

• Consolidated profit after tax for H1 FY25 surged 100% YoY to INR 4,085.46 crore; standalone PAT was INR 3,300.91 crore.

• Interim dividend of INR 3.00 per share declared; bonus shares issued in July 2024.

Financial highlights

• Average crude oil price realization in Q2 FY25 was $79.33/bbl, down 8.67% YoY; H1 FY25 realization was $82.09/bbl, nearly flat YoY.

• Average natural gas price for Q2 FY25 remained at $6.55/MMBtu.

• EBITDA margin for Q2 FY25 was 47.67%, slightly lower YoY.

• Standalone PAT for Q2 FY25 was INR 1,834.07 crore, up sharply from INR 325.31 crore YoY; H1 FY25 PAT rose 70.26% YoY to INR 3,300.91 crore.

• Standalone EPS for H1 FY25 was INR 20.29; consolidated EPS was INR 23.99.

Segment performance

• Crude oil and natural gas remained the largest revenue contributors, with crude oil revenue at INR 8,186.75 crore and natural gas at INR 2,749.34 crore for H1 FY25 (standalone).

• Numaligarh Refinery Limited (NRL) Q2 FY25 PAT was INR 175.05 crore, down from INR 735.51 crore YoY; H1 FY25 PAT was INR 605.58 crore vs. INR 657.95 crore YoY.

• NRL gross refining margin (GRM) for Q2 FY25 was $2.25/bbl (net of excise), impacted by $4.5/bbl inventory loss; adjusted GRM would be $6.5–6.7/bbl.

• NRL EBITDA for Q2 FY25 was INR 98.85 crore, down from INR 1,084.55 crore YoY.

• Pipeline transportation and LPG segments showed stable performance.