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Oil India registers highest ever net profit of Rs. 6810.40 crore since inception


NEW DELHI, MAY 26, 2023

Navratna CPSE Oil India Limited (OIL) on Friday declared its financial results for the Financial Year 2022-23 with a thumping highest-ever net profit since the company’s inception at ₹6,810.40 crore, a surge of 75.20 per cent year-on-year (YoY) on the back of higher operating income and growth in oil & gas production.

During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT. Also, the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17 per cent YoY.

It is pertinent to mention that OIL over the last six decades, has continued its journey of growth in oil & gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5 per cent growth in oil production at 3.18 MMT and 4.4 per cent 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.

The earnings per share (EPS) of the company has increased to Rs 62.80 per share vs Rs 35.85 per share in FY22. OIL Board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20 per share with a face value Rs 10 for FY23.

As for Q4FY23, the company equally reported improved financial & physical performance over Q4FY22, with turnover growth of 26.15 per cent and PAT increase of 9.71 per cent. Crude Oil and Natural Gas production has also shown growth of 6.95 per cent and 6.27 per cent respectively in Q4FY23 YoY.

With NRL being a group company of OIL, it is worth noting that the company has recorded its highest ever consolidated profit after tax of ₹9,854.39 crore, a growth of 46.66% YoY and a highest ever consolidated turnover of ₹41,038.94 crore for the fiscal, an increase of 36.75 per cent YoY.

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 per cent. The gross refinery margin of NRL for FY23 is US$ 19.86 per bbl vis-à-vis US$ 14.33 per bbl for the previous year.

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