Oil India net profit surges to `6,810.40 cr, highest ever since its inception

NOIDA: Oil India Limited (OIL) declared its financial results on Wednesday for FY23 registering the highest-ever net profit since the company’s inception at Rs 6,810.40 crore, a surge of 75.20 per cent YoY on the back of higher operating income and growth in oil & gas production.

The company, over the last 6 decades, continued its journey of growth in oil & gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5 per cent growth in oil production at 3.18 MMT and 4.4 per cent growth in gas production at 3.18 BCM, which scaled another height of registering the highest ever gas production by the company ever since its inception.

During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT. Aggressive exploration of the company led to a new hydrocarbon discovery during the year in Sesabil area in the Assam shelf basin.

The company also recorded the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17 per cent YoY.

With the growth in profit, the earnings per share (EPS) of the company increased to Rs 62.80/share vis-à-vis Rs 35.85/ share the previous year.

OIL Board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20/share (face value Rs 10) for fiscal 23.

As for Q4, the company equally reported improved financial & physical performance over the corresponding quarter of FY 22, with turnover growth of 26.15 per cent and PAT increase of 9.71 per cent.

Crude Oil and Natural Gas production also have shown growth of 6.95 per cent and 6.27 per cent respectively in Q4 YoY.

With NRL being a group company of OIL, the company recorded its highest ever consolidated profit after tax (PAT) of Rs 9,854.39 crores, a growth of 46.66 per cent YoY and a highest ever consolidated turnover of Rs 41,038.94 crore for the fiscal, an increase of 36.75 per cent YoY.

NRL continued its remarkable track record and displayed the highest-ever crude throughput of 3,091.37 TMT in fiscal 23 with capacity utilisation of 103 per cent.

The gross refinery margin of NRL for FY23 is $19.86/bbl vis-à-vis $14.33/bbl for the previous year.

NRL recorded its highest ever consolidated PAT of Rs 9,854.39 crores, a growth of 46.66 per cent YoY