Oil India reported its Q2 results on Tuesday evening.

What Happened: Oil India reported a massive 464% year-on-year increase in standalone net profit to ₹1,834.07 crore. The company’s profit in the same quarter last year was affected by a one-time exceptional loss of ₹2,362 crore. The company’s revenue dipped 6.7% from the previous year to ₹5,518.95 crore.

Motilal Oswal and Kotak Institutional Equities had expected net profit of between ₹1667.7 crore and ₹2123.2 crore and revenue between ₹5587.2 crore and ₹5977 crore.

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Motilal Oswal said the oil realization post-windfall tax was expected to decline 3% YoY. The research firm also expected oil sales to come flat at 0.84mmt and gas sales to go up 14% YoY to 0.74bcm. Motilal added that production increase at the Baghjan field is monitorable in the medium term.

In September, Oil India was reportedly preparing to start exploration activities in Nagaland. Oil India has 30 blocks under the Open Acreage Licensing Policy (OALP). All the wells in these OALP blocks have been drilled, except those in Nagaland.

Price Action: Shares of Oil India rose 4.90% to ₹495.45 on Tuesday.

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