Oil India records 206% increase in net profit during Q1 of FY’23

New Delhi: Oil India Ltd Board (OIL) in its 535th board meeting held on August 10, has approved the financial results for the 1st quarter (Q1) of FY 2022-23.

Oil India Limited (OIL) has reported 206 percent increase in net profit of Rs 1,555.49 crore against Rs 507.94 crore in Q1 of FY'22. The turnover has also increased by 96.36 percent to Rs.6,029.86 crore during Q1 FY'23 vis-à-vis Rs 3,070.78 crore in Q1 FY'22.

Further, the earnings per share (EPS) for Q1 of FY'23 also increased to Rs 14.34/share from Rs 4.68/share for Q1 of FY22. The company realised an average crude price of US $ 112.73 / bbl in Q1 of FY'23 vis-à-vis US $ 67.15 / bbl in Q1 of FY22. The average Natural Gas price for Q1 of FY23 also increased to US$ 6.10 / MMBTU vis-à-vis US$ 1.79 / MMBTU during Q1 of FY22.

The company has reported an increase of 4.14 percent in its crude oil production for Q1 of FY23 to 0.779 MMT vis-à-vis 0.748 MMT of production in Q4 of FY22 as well as Q1 of FY'22.

The natural gas production for Q1 of FY23 was also higher at 771 MMSCM vis-à-vis 734 MMSCM in Q4FY22 and 711 MMSCM in Q1FY22, registering increase of 5.04 percent sequentially and 8.44 percent over the corresponding quarter last year.

OIL's group turnover has recorded a rise of 86.51 percent increase to Rs.11,566.93 crore in Q1FY23 from Rs.6,201.88 crore in Q1 of FY22. Group PAT of OIL for Q1 of FY23 also increased to Rs 3,230.23 crore from Rs 1,214.65 crore in Q1 of FY'22.

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