Indian Economy News

Oil India registers highest ever Net Profit of US$ million (Rs. 6,810.40 crore) since its inception

Oil India reported its highest-ever net profit in fiscal year 2022-23, at US$ 825.14 million (Rs. 6,810.40 crore), a 75.20% year-on-year (YoY) increase driven by increasing operational income and growth in oil and gas production.

OIL also announced its highest-ever pipeline throughput of 8.19 MMT in the previous fiscal year, as well as a record turnover of US$ 2.81 billion (Rs. 23,272.57 crore), representing a 60.17% YoY growth.

In the previous fiscal year, it increased oil output by 5.5%, reaching 3.18 MMT, and gas production by 4.4%, reaching 3.18 BCM. Since its foundation, this is the company's highest-ever gas output.

The company's earnings per share (EPS) increased significantly, rising to US$ 0.76 (Rs. 62.80) per share in FY23 from US$ 0.43 (Rs. 35.85) per share in FY22. The OIL board of directors declared a final dividend of US$ 0.06 (Rs. 5.50) per share, for a total pay-out of US$ 0.24 (Rs. 20) per share (face value US$ 0.12 (Rs. 10)) for FY23.

The firm improved its financial and physical performance in the fourth quarter of FY23 compared to Q4FY22, with a 26.15% rise in revenue and a 9.71% increase in net profit after tax (PAT).

Crude oil and natural gas output both increased by 6.95% and 6.27% year on year in Q4FY23, respectively.

As an OIL group business, NRL reported its highest-ever consolidated net profit after tax of US$ 1.19 billion (Rs. 9,854.39 crore), representing a 46.66% year-on-year increase. The firm also reached its highest-ever consolidated profit of US$ 4.97 billion (Rs. 41,038.94 crore), a 36.75% rise year on year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.