Highest-Ever Net Profit of Rs. 6,810.40 Cr. reported by Oil India Limited

Guwahati: The national oil firm, Oil India Limited (OIL), reported its highest-ever net profit for the fiscal year 2022–2023 (FY23) of Rs. 6,810.40 crores. This represents a 75.20% increase year over year (YoY).

The company’s increased operational income and rising oil and gas production were major contributors to its net profit. Operating income for OIL in FY23 was Rs. 23,272.57 crore, up 60.17 percent year over year. In FY23, the company’s production of gas and oil climbed by 4.4% and 5.5%, respectively, to reach 3.18 billion cubic metres (BCM) and 3.18 million metric tonnes (MMT), respectively.

In FY23, OIL also reported pipeline throughput at an all-time high of 8.19 MMT. In the Sesabil area of the Assam shelf basin, the company’s vigorous exploration activities resulted in a fresh hydrocarbon discovery throughout the year.

OIL’s profits per share (EPS) grew due to the growth in profit from Rs. 35.85/share in FY22 to Rs. 62.80/share in FY23. For FY23, the board of the firm has declared a final dividend of Rs. 5.50 per share, for a total payout of Rs. 20/share (face value Rs. 10).

The fourth quarter (Q4) of FY23 saw a 26.15% YoY increase in OIL’s revenue to Rs. 6,429.62 crore. The company’s net profit for the fourth quarter was Rs. 1,771.60 crore, up 9.71% year over year. The production of crude oil and natural gas both increased in Q4 YoY by 6.95% and 6.27%, respectively.

Numaligarh Refinery Limited (NRL), a subsidiary of OIL, also posted its highest-ever consolidated profit after tax in FY23 of Rs. 9,854.39 crores. In FY23, the company’s combined revenue was Rs. 41,038.94 crore. 3,091.37 TMT of crude was processed by NRL in FY23, with a capacity utilisation rate of 103%. In comparison to the prior year, NRL’s gross refinery margin for FY23 was US$ 19.86/bbl as opposed to US$ 14.33/bbl.

The success of OIL in FY23 can be attributed to its solid operational and financial fundamentals. The business is in a good position to maintain its current rate of expansion in the upcoming years.

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