Oil India | Records Highest Ever Profit After Tax in Q4 FY24

Oil India | Records Highest Ever Profit After Tax in Q4 FY24

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Oil India Limited
Oil India Limited

Oil India Limited, the youngest Maharatna CPSE of Govt. of India, declared its financial results for FY 2023-24, in its meeting of the Board of Directors held on 20th May 2024. On the strength of sound operating performance reflected in highest ever O+OEG production of 6.54 MMTOE, the company registered highest ever EBIDTA of ₹ 11,643.30 crore for FY24. The company also recorded the highest- ever profit after tax for Q4 FY24 at Rs. 2,028.83 crore, an increase of 13.45% over Q4 FY23. The PAT of the company for the FY 2023-24 decreased to ₹ 5,551.85 crore vis-à-vis ₹ 6,810.40 crore for FY 2022-23 due to the provisions made for statutory compliances.

Oil India
Oil India

Continuing the growth story, the company pursued its efforts towards ensuring nation’s energy security by sustaining production from its matured and old oil & gas fields. The company’s crude oil production in Q4 FY24 is higher by 6% YoY with an overall increase of 5.76% to 3.359 MMT in FY24 vis-a-vis 3.176 MMT produced during FY23. The company also achieved a growth in its natural gas production during Q4 FY24 by 3.21% over corresponding quarter of FY23 and the company achieved the highest ever natural gas production of 3.182 BCM during the year. Further, the company drilled a record-breaking 61 wells during FY 23-24, which surpassed all its previous records since inception.

Ranjit Rath, CMD OIL

The Board recommended issue of bonus shares in the ratio of one equity share of ₹ 10 each for every two existing equity shares of ₹ 10 each held. The Board also recommended a final dividend of ₹ 3.75 per equity share (pre-bonus) (face value of ₹ 10 per equity share) which translates into final dividend of ₹ 2.50 per equity share (post-bonus) (face value of ₹ 10 per equity share). This is in addition to the 1st and 2nd interim dividend of ₹3.50 per equity share (pre-bonus) and ₹ 8.50 per equity share (pre-bonus) respectively, paid during the year by the Company.

With NRL being a group company of OIL, OIL’s group turnover for the year is reported at ₹ 36,303.62 crore vis-à-vis ₹ 41,025.98 crore in FY23 mainly due to lower prices of crude oil, natural gas and petroleum products during FY24 compared to FY23 and lower throughput of NRL on account of Refinery turnaround in Q1 FY24.

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