Oil India posts highest ever net profit of over Rs 3,887 crore in FY’22

New Delhi: Navratna oil PSU, Oil India Limited has recorded the highest ever-net profit of Rs 3,887.31 crore for the financial year FY'22, thus registering a growth of 123.20 percent from the profit of Rs 1741.59 crore of the previous fiscal. The company's average crude oil price realisation improved significantly with a growth of 80 percent in FY22 to $78.96 per barrel against $43.98 per barrel of FY'21.

OIL has recorded the highest-ever yearly turnover of Rs 14,530.18 crore during 2021-22 against Rs 8,604.90 crore that was registered during FY'2020-21.

The oil PSU has achieved highest ever natural gas production of 3,045 MMSCM in 2021-22, thus registering an increase of 15.25 percent over the last year. While, natural gas production in Q4 of 2021-22 was also higher by 13.1 percent over the corresponding period last year.

Crude oil production of Oil India during FY'22 also increased by 1.60 percent to 3.01 MMT from 2.96 MMT in 2020-21. The growth in crude oil production in Q4 2021-22 is 4.2 percent over the corresponding period last year.

Board of Directors of Oil India Ltd has recommended a final dividend of Rs 5 per share for FY'22. The company has earlier paid an interim dividend of Rs 9.25 per share for FY'22. The total dividend for the year will be Rs 14.25 per share.

Among other achievements during the period, Oil India has become the first company in the country to commission a pilot plant of 100 KW capacity for production of Green Hydrogen in the State of Assam. The plant is based on Anion Exchange Membrane (AEM) technology for production of Green Hydrogen of 99.99 percent purity. OIL has also entered into collaboration with start-ups for development of green hydrogen utilities.

OIL has been granted two patents during the year for the invention of "Method of quantification of low wax crude" and the US Patent for "Method to determine the transformation of kerogen to oil/gas at different maturities using step-wise pyrolysis-gas chromatography."

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)