Oil India Limited (OIL) has announced its financial results for the fiscal year 2022-23, achieving its highest-ever net profit of ₹6,810.40 crore, representing a YoY surge of 75.20%. The company’s strong performance can be attributed to higher operating income and growth in oil and gas production. OIL also reported its highest-ever pipeline throughput of 8.19 million metric tons (MMT) during the last fiscal year, along with a record turnover of ₹23,272.57 crore, a YoY increase of 60.17%.
Over the past six decades, OIL has consistently grown its oil and gas production from both mature and recently discovered oilfields. In FY 2022-23, the company achieved a 5.5% growth in oil production at 3.18 MMT and a 4.4% growth in gas production at 3.18 billion cubic meters (BCM). This resulted in the highest-ever gas production for the company since its inception.
The earnings per share (EPS) of the company increased to ₹62.80/share compared to ₹35.85/share in FY 2021-22. The OIL Board has declared a final dividend of ₹5.50 per share, with a total dividend of ₹20/share (face value ₹10) for FY 2022-23. In Q4FY23, OIL reported improved financial and physical performance compared to Q4FY22, with a 26.15% growth in turnover and a 9.71% increase in net profit. Crude oil and natural gas production also showed growth of 6.95% and 6.27% respectively in Q4FY23 compared to the same period of the previous year.
Additionally, as a group company of OIL, it is noteworthy that NRL (Numaligarh Refinery Limited) achieved its highest-ever consolidated profit after tax of ₹9,854.39 crore, representing a YoY growth of 46.66%. NRL also recorded its highest-ever consolidated turnover of ₹41,038.94 crore, a YoY increase of 36.75%. In FY 2022-23, NRL achieved a crude throughput of 3,091.37 thousand metric tons (TMT) with a capacity utilization rate of 103%. The gross refinery margin for NRL in FY 2022-23 was US$19.86 per barrel, compared to US$14.33 per barrel in the previous year.