OIL reports record output, Rs 7040 cr profit, pushes bio-ethanol and green hydrogen

Guwahati, Sept 19: Oil India Ltd (OIL), a Maharatna company, today reaffirmed its resolve to build a resilient, diversified and sustainable energy future for India.

Addressing shareholders at the 66th annual general meet today, Dr Ranjit Rath, Chairman & MD of OIL, drew attention to the inauguration of the world's first bamboo-based 2-G bio ethanol plant by Prime Minister Narendra Modi on September 14 at Numaligarh. He said the commissioning of this landmark project is aligned with Government of India's import substitution and 'Make in India' efforts and demonstrates the company's pioneering role in bio-energy transition and value addition to local resources.

The Prime Minister also laid the foundation stone of a 360 KTPA polypropylene plant at Numaligarh, which will be implemented by the Numaligarh Refinery Ltd

(NRL) at a project cost of over Rs 7,000 crore; juxtaposed to the expanded refinery, it will raise NRL's Petrochemical Intensity Index by 4.0. Numaligarh Refinery Ltd is a major material subsidiary of Oil India Ltd.

"FY2024-25 was a landmark year for OIL, marked by the highest-ever oil and natural gas production, supported by operational excellence and strategic growth. OIL recorded its highest-ever oil and oil-equivalent gas production of 6.710 MMTOE since inception, along with the highest-ever natural gas production of 3,252 MMSCM.

"On the financial front, the company reported a total income of Rs 23,987 crore (standalone) and Rs 37,830 crore (consolidated), with net profit of Rs 6,114 crore (standalone) and Rs 7,040 crore (consolidated), reflecting strong margins of 27.64% and 19.47%, respectively. Despite global volatility, OIL's disciplined capital strategy and operational excellence reinforced its financial strength," the company stated in a press statement.

The company also sustained a robust capital investment programme of over Rs 18,000 crore on a consolidated basis while maintaining healthy dividend payouts to shareholders, it added.

"Fully aligned with India's broader Net Zero 2070 goal, OIL made strong progress toward its Net Zero 2040 target, including a 59% reduction in flaring over the previous year, abatement of CO2 emissions and energy efficiency measures," Dr Rath said in the statement.

Dr Rath said OIL is scaling up investments in renewables, green hydrogen, biofuels and CBG, alongside transformative projects through Numaligarh Refinery Ltd, including a threefold capacity expansion, a 2-G bio-ethanol plant, a green hydrogen project and India's first large-scale sustainable aviation fuel facility.