Oil India's profit in March quarter up y-o-y by 18%

22 May 2024 , 11:26 AM

Oil India Ltd (OIL) reported an 18% increase in net profit for the fourth quarter of the 2023-24 fiscal year.  Consolidated net profit stood at ₹2,332.94 Crore for January-March, compared to ₹1,979.74 Crore in the same period last year. The rise in net profit was attributed to higher crude oil prices.

At the time of writing, shares of Oil India is trading at ₹660.35 which is a 0.55% dip than the previous close. The stock has gained over 149.80% in the last one year, and 74.35% gain since the beginning of the year. 

Turnover increased by 16% to ₹10,375.09 Crore, driven by the impact of higher crude oil prices. Earnings from crude oil production and sales saw an 18% increase, while earnings from natural gas declined by 16.5% due to lower prices. For the full fiscal year 2023-24, net profit decreased by 29% to ₹6,980.45 Crore.

OIL’s board approved a 1:2 bonus issue and declared a final dividend of ₹3.75 per equity share. The final dividend amounted to ₹2.50 per share post-bonus for the fiscal year 2023-24. The company had previously paid interim dividends of ₹3.50 and ₹8.50 per share, pre-bonus, during the fiscal year.

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