Oil India shares experienced a significant increase of approximately 6% on November 6, following an impressive earnings report. The report revealed a remarkable 464% year-on-year surge in net profit, reaching Rs 2,069 crore, up from Rs 640 crore in the same quarter last year.

However, the company's revenue for the quarter saw an 8% decline year-on-year, totaling Rs 8,136 crore. Analysts from Motilal Oswal and Kotak Institutional Equities had projected a net profit range between Rs 1,667.7 crore and Rs 2,123.2 crore, with revenue estimates between Rs 5,587.2 crore and Rs 5,977 crore.

Sequentially, Oil India's consolidated net profit rose 25% from the previous quarter, amounting to Rs 1,834 crore for the period ending September 30, 2024, although revenue from operations dipped 1.6% quarter-on-quarter to Rs 5,246.2 crore.

Over the past 12 months, Oil India stock has soared 153%, significantly outperforming the Nifty index, which rose 23% during the same period.