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Oil India logs net profit of Rs 6810 Cr

Published: May 27, 2023

By TIOLCorplaws News Service

NEW DELHI, MAY 27, 2023: OIL India Limited (OIL), today declared its financial results for FY 2022-23 with a thumping highest-ever net profit since the company's inception at Rs 6,810.40 crore, a surge of 75.20% YoY on the back of higher operating income and growth in oil & gas production.

During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT. Also, the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17% YoY.

It is pertinent to mention here that OIL over the last 6 decades, has continued its journey of growth in oil & gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5% growth in oil production at 3.18 MMT and 4.4% 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.

The earnings per share (EPS) of the company has increased to Rs 62.80/share vs Rs 35.85/share in FY22. 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 FY23.

As for Q4FY23, the company equally reported improved financial & physical performance over Q4FY22, with turnover growth of 26.15% and PAT increase of 9.71%. Crude Oil and Natural Gas production has also shown growth of 6.95% and 6.27% respectively in Q4FY23 YoY.

With NRL being a group company of OIL, it is worth noting that the company has recorded its highest ever consolidated profit after tax of Rs 9,854.39 crores, a growth of 46.66% YoY and a highest ever consolidated turnover of Rs 41,038.94 crore for the fiscal, an increase of 36.75% 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 %. The gross refinery margin of NRL for FY23 is USD 19.86/bbl vis-à-vis USD 14.33/bbl for the previous year.

About Oil India Limited:

Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector. A Navratna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India.

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