State-owned Oil India Ltd(OIL)reported a 23 per cent drop in its third-quarter net profit as the price of crude oil produced and sold fell.

Net profit was₹1,221.80 crore in October-December 2024-the third quarter of April 2024 to March 2025 fiscal(FY25)-compared with₹1,584.28 crore earning a year back,according to a company statement.

The nation's second-largest state-owned oil and gas producer got$73.82 for every barrel of oil produced and sold as against$84.14 per barrel realisation in October-December 2023.

EBITDA came lower at₹2,321.34 crore in Q3 when compared with₹2,613.75 crore of the previous year.Lower oil prices led to turnover slipping to₹5,239.66 crore from₹5,815.02 crore in Q3 of FY24.

The company's oil and gas production was almost unchanged at 0.868 million tonnes and 0.829 billion cubic meters respectively in October-December 2024.For the first nine months of the current fiscal,net profit rose 28 per cent to₹4,522.71 crore.

"For nine months ending December 31,2024,the company registered a cumulative hike of 4.10 per cent in its crude production which increased to 2.614 million tonnes from 2.511 million tonnes produced in the corresponding period of FY24,"the statement said."The company also registered a surge of 2.90 per cent in its cumulative gas production by end of Q3 FY25 to 2,446 million standard cubic meters from 2,377 mmscmd registered during the corresponding period of FY24.

OIL Board recommended an interim dividend of₹7 per share.With this,the total interim dividend declared by the company till Q3,FY25 is₹10 per share.