Oil India (OIL) Q2 24/25 earnings summary

Executive summary

• Achieved significant growth in crude oil and natural gas production for Q2 FY25, with crude oil up 4.79% year-over-year and natural gas up 3.99% for the half-year period.

• Revenue from operations for H1 FY25 was ₹11,358.62 crore, up from ₹10,558.04 crore in H1 FY24, with consolidated revenue at ₹17,486.79 crore for H1 FY25.

• Net profit for H1 FY25 stood at ₹3,300.91 crore standalone and ₹4,085.46 crore consolidated, both showing strong year-over-year growth.

• Board approved and published Q2 FY25 results on 5 November 2024.

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

Financial highlights

• Standalone turnover for H1 FY25 increased by 7.58% to INR 11,358.62 crore year-over-year, driven by higher crude oil and natural gas sales.

• Standalone profit after tax for Q2 FY25 was INR 1,834.07 crore, up from INR 325.31 crore in Q2 FY24; H1 FY25 profit after tax rose 70.26% to INR 3,300.91 crore.

• Consolidated turnover for H1 FY25 was INR 17,456.79 crore, with consolidated profit after tax at INR 4,085.46 crore, both showing strong year-over-year growth.

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

• Average crude oil price realization for Q2 FY25 was $79.33/bbl, down 8.67% year-over-year; average natural gas price remained at $6.50/MMBtu.

Outlook and guidance

• FY25 production guidance for crude oil is 3.45–3.5 MMT and for natural gas is 3.2–3.3 BCM, with long-term vision to reach 4 MMT oil and 5 BCM gas annually.

• Gas production expected to remain flat until new pipeline infrastructure is completed, with material increase anticipated post-2026.

• Aggressive plans for zero flare by December 2025 and ongoing customer agreements to support offtake.

• Board declared an interim dividend and completed a bonus share issue, reflecting confidence in future cash flows.