Shares of Oil India Ltd surged 7% on 6 November after the company announced its quarterly earnings for July-September. 

The company reported a stellar increase in net profit to Rs 2,069 crore, marking a significant increase of around 464% year-on-year (YoY) from Rs 640 crore reported in the same quarter last year. 
However, the company reported an 8% YoY decline in revenue to Rs 8,136 crore compared to Rs 8,816 crore reported in the same quarter of the previous fiscal year. 

On the operating front, the earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 3,038.82 crore, which is a significant increase from Rs 835.02 crore in Q2FY24. 

Moreover, the company has also declared an interim dividend of Rs 3 per share. 

During the quarter, the company reported a 4.79% increase in crude oil output to 0.875 million metric tonnes. 

The Board of Directors have also approved the formation of two separate joint venture companies, GPS Renewables Pvt Ltd and Hindustan Waste Treatment Pvt Ltd. 

The company’s board has also approved a joint venture with Bharat Petroleum Corporation Limited, which holds a 50:50 stake in the company. 

At 12:42 pm, the shares of Oil India were trading 6.07% higher at Rs 525.70 on NSE.

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