OIL records its highest-ever net profit in FY23, declares final dividend of Rs 5.50

New Delhi: Oil India Limited (OIL) has witnessed a good growth in its net profit in FY2022-23 at Rs 6,810.40 crore, which, it said, is the highest-ever net profit on record since the PSU’s inception. On year-on-year basis, the net profit for the last financial year ending March 31 has seen a jump of 75.20 percent on the back of higher operating income and growth in oil and gas production. “The company, over the last six decades, continued its journey of growth in oil and gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5 percent growth in oil production at 3.18 MMT and 4.4 percent 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,” said OIL in a statement on Wednesday.

For Q4 of FY2022-23, the PSU has registered a net profit of Rs 1,788.28 crore, which is higher by 9.7 percent in comparison to the corresponding quarter of the previous financial year (Rs 1,630.01 crore) and 2.41 percent higher in comparison to Q3 of FY23 (Rs 1,746.10 crore).

Revenue from operations jumps 60.16% in FY2022-23

OIL’s revenue from operations has shown a substantial growth of 60.16 percent at Rs 23,272.57 crore in FY23 as opposed to Rs 14,530.18 crore recorded in the previous financial year. OIL said that this is the highest-ever turnover recorded in its history. This can primarily be attributed to the rise in segment revenue from natural gas — up from Rs 1,620.00 crore in FY22 to Rs 5,489.87 crore in FY23 — registering a growth of 238.88 percent. Revenue from crude oil has increased by 37.49 percent y-o-y in FY23 as the figure settled at Rs 16,787.79 crore as opposed to Rs 12,209.40 crore in FY22.

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. 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 in the previous year.

OIL Board declares dividend of Rs 5.50 per share

The 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 Q4, the company equally reported improved financial and physical performance over the corresponding quarter of FY22, with turnover growth of 26.15 percent. Crude oil and natural gas production have shown growth of 6.95 percent and 6.27 percent respectively in Q4 YoY.

NRL, a group company of OIL, recorded its highest-ever consolidated profit after tax of Rs 9,854.39 crores, a growth of 46.66 percent YoY and the highest-ever consolidated turnover of Rs 41,038.94 crore for the fiscal, an increase of 36.75 percent y-o-y. “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 percent. The gross refinery margin of NRL for FY23 is US$ 19.86/bbl vis-à-vis US$ 14.33/bbl for the previous year,” said the statement.

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