Oil India reported highest ever quarterly profit of US$ 211.13 million (Rs 1,746 crore) in Q3
- IBEF
- February 13, 2023
State-owned Oil India Ltd (OIL) announced its biggest quarterly net profit ever in the third quarter that concluded on December 31. The higher realisation of crude oil and gas the company produces and sells contributed to the increase in profitability. Additionally, output rose, benefiting both the top line and bottom line.
Natural gas, which is used as a fuel to create electricity, fertiliser, and CNG for use in automobiles, had an increase in price from US$ 6.10 to US$ 8.57 per million British thermal units.
Oil India produced 0.81 million tonnes of crude oil in October-December, up from 0.75 million tonnes a year earlier. The amount of gas produced rose from 0.79 billion cubic metres (bcm) to 0.8 bcm. In the quarter, the company sold 1.41 million tonnes of oil and oil equivalent gas compared to 1.35 million tonnes a year earlier.
A second interim dividend of Rs. 10 per share has been announced by the Board of OIL (face value of Rs 10 (US$ 0.12)). This is in addition to the recently announced first interim dividend of Rs 4.50 (US$ 0.05) per share. The annual interim dividend amount paid out per share is Rs 14.50 (US$ 0.18).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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