Emkay Global Financial's research report on Oil India. Oil India clocked Q2FY25 SA EBITDA of Rs21.8bn – an 11% miss, mainly due to higher provisions and lower-than-expected output. The SA PAT miss, however, was lower at 6% on higher Other Income and lower ETR. Crude production rose 5% YoY to 0.88mmt (2% miss), while gas was 3% below estimate at 0.80bcm (down 1% YoY on customer offtake issues).