Oil India Limited (OIL), one of India's largest oil exploration and production companies, announced its financial results for the third quarter of the fiscal year 2023-24 on Tuesday, February 13. The state-run oil company posted a net profit of ₹1,584.3 crore, up from ₹325.3 crore in the previous quarter.
The company's revenue during the quarter under review slipped 0.3% to ₹5,323.7 crore, down from ₹5,342.3 crore in the preceding quarter. The revenue from operations, however, was up 3.16% from the year-ago period. Earnings before interest, taxes, depreciation, and amortisation came at ₹2,105.7 crore, down 15.4% sequentially. In the year-ago period, the EBITDA came at ₹4,176.8 crore.
The margins slipped to 39.6% from 46.6% sequentially and were down over 900 basis points from the year-ago period.
The shares of the PSU ended 0.4% in the green, continuing its gaining streak after a day's fall. The stock has gained in eight out of the last 10 trading sessions.
First Published: Feb 13, 2024 5:40 PM IST
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