Oil India Achieves Record High Net Profit of Rs. 6810.40 Crore

Oil India posted its highest ever net profit, Rs. 6810.40 Crore, in FY 2022-23, marking a YoY increase of 75.20%.

Desk – Oil India Limited (OIL), one of the leading oil and gas companies in India, announced its financial results for the fiscal year 2022-23, marking an impressive surge in its net profit.

The company registered a record-breaking net profit of ₹6,810.40 crore, the highest in its history. This shows a year-on-year increase of 75.20%, largely attributed to an increase in operating income and an uptick in oil and gas production.

For the past fiscal year, the company also reported its highest-ever pipeline throughput, standing at 8.19 MMT. The turnover also hit an all-time high at Rs 23,272.57 crore, a rise of 60.17% year-on-year.

It’s worth noting that in its six-decade history, OIL has consistently increased oil and gas production from its mature and recently discovered fields. The past fiscal year saw a 5.5% growth in oil production, reaching 3.18 MMT, and a 4.4% increase in gas production, culminating in 3.18 BCM. This represents the highest ever gas production by the company since its inception.

Furthermore, the company’s earnings per share (EPS) climbed to Rs 62.80/share, compared to Rs 35.85/share in FY22. OIL’s board declared a 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 reported a 26.15% increase in turnover and a 9.71% increase in profit after tax (PAT) compared to Q4FY22. Crude oil and natural gas production grew by 6.95% and 6.27% respectively, year-on-year.

In its role as a group company of OIL, Numaligarh Refinery Limited (NRL) recorded its highest ever consolidated profit after tax of ₹9,854.39 crores, a growth of 46.66% YoY, and a record consolidated turnover of ₹41,038.94 crore, up 36.75% YoY.