Oil India (OIL) Q3 24/25 earnings summary

Executive summary

• Crude oil production for Q3 FY25 rose 1.4% year-over-year to 0.868 MMT; nine-month production up 4.1% to 2.614 MMT.

• Natural gas production for Q3 FY25 increased 0.85% year-over-year to 0.829 BCM; nine-month production up 2.9% to 2.446 BCM.

• Consolidated profit after tax for nine months ended December 2024 rose 19.3% year-over-year to Rs 5,542.66 crore.

• Standalone net profit for Q3 FY25 was ₹1,221.80 crore, down from ₹1,584.28 crore in Q3 FY24; consolidated net profit for Q3 FY25 was ₹1,457.20 crore, down from ₹2,607.66 crore in Q3 FY24.

• Board recommended an interim dividend of Rs 7 per share, totaling Rs 10 per share for the year so far; bonus shares in a 1:2 ratio allotted in July 2024.

Financial highlights

• Turnover for nine months ended December 2024 increased 1.38% to Rs 16,598.28 crore.

• EBITDA margin for Q3 FY25 improved to 42.76% from 41.34% in Q3 FY24.

• Standalone and consolidated revenues for Q3 FY25 declined year-over-year; standalone revenue was ₹5,239.66 crore, consolidated revenue was ₹9,089.14 crore.

• Earnings per share for nine months ended December 2024 was INR 27.80, up from 21.66 year-over-year; Q3 FY25 standalone EPS was ₹7.51, consolidated EPS was ₹8.23.

• NRL's profit after tax for Q3 FY25 dropped to INR 385.36 crore from INR 858.72 crore in Q3 FY24.

Outlook and guidance

• Oil production for FY25 expected around 3.5 MMT, with efforts to reach 3.6-3.65 MMT.

• Gas production target for FY25 is 3.3 BCM; FY26 guidance close to 4 BCM.

• Long-term targets: 4 MMT oil and 5 BCM gas by FY27-28.

• Board approved bonus shares in a 1:2 ratio, allotted in July 2024.

• Expansion in Barekuri and Sessa fields, with aggressive drilling and exploration to support growth.