Oil India Q1 profit nearly doubles to ₹4,027 crore

Oil India is a company owned by the Indian government that looks for and pumps oil out of the ground.

In the first three months of the new financial year, it made almost twice as much profit as it did the year before.

The profit was about ₹4,027 crore.

One reason is that it pumped more crude oil from its old oilfields.

Another reason is that its refinery, Numaligarh Refinery, made a lot more money.

The refinery's profit grew by 167 percent, helped by much higher refining margins.

Oil India also set a new record by producing 10,921 tonnes of oil in a single day.

During the quarter, it found natural gas at a well in the Andaman Basin.

It also drilled a very long, slanted well in Assam.

All of this helps make sure the country has enough energy.