The activities of Oil India Limited include the exploring, processing, and extraction of natural gas and crude oil as well as the transport of crude oil and the manufacture of LPG. Additionally, it offers a range of E&P-related service for oil blocks.
Financial Results:
Due to an increase in the price of Oil & Natural gas had its highest monthly profit. The firm posted a net profit of ₹ 1,746 crores for Q3FY23, up from ₹ 1,245 crores during the same period last year.
The increased realisation on crude oil and natural gas the firm produces and distributes, contributed to the increase in profitability. Additionally, output rose, benefiting both the top line and bottom line. In the Q3FY23, Oil India realised $ 88.33 per barrel of crude oil it generated and sold, an increase from $ 78.59 per barrel in the comparable time the previous year.