State-run Oil India reports a significant rise in first-quarter profit driven by increased crude production and a surge in Numaligarh Refinery’s earnings, highlighting a resilient, yet uneven, energy landscape in India.
State-run Oil India posted a sharp rise in first-quarter profit as stronger crude output and a jump in earnings at its Numaligarh Refinery subsidiary lifted results, underscoring a mixed but still resilient period for India’s energy sector. The company said consolidated net profit reached about ₹4,027 crore in the April-June quarter, nearly double the level a year earlier, while total income climbed to ₹13,236 crore from ₹9,006 crore. Oil India also said it produced 0.950 million tonnes of crude oil in the quarter, up from 0.853 million tonnes a year earlier, and marked its highest-ever daily output on June 27 at 10,921 tonnes.
The refinery arm provided a major boost. Oil India said Numaligarh Refinery’s profit after tax surged 167% to ₹1,305 crore, helped by a gross refining margin of $35.95 a barrel and a distillate yield of 87.58%. The company said the improved numbers reflected both operational gains and the contribution of its mature oilfields, which remain central to its production base.
The results stand in contrast to some of the broader refining sector’s recent pressure points. Bharat Petroleum Corporation and Hindustan Petroleum Corporation both slipped into losses in the June quarter, with analysts and company statements citing weak marketing margins and the impact of higher crude prices tied to the West Asia crisis. BPCL also said the oil ministry approved compensation of ₹7,594 crore to help offset the hit.
At the same time, other energy names have shown that the quarter was far from uniform across the industry. Reliance Industries reported a drop in consolidated profit despite higher revenue, while Chennai Petroleum swung back to profit on stronger refining margins. Against that backdrop, Oil India also highlighted exploration progress, including a gas discovery in the Andaman Basin and a highly deviated well in Assam that achieved its deepest horizontal displacement on record.
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