The petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.
Profit before tax increased by 7.96% YoY to Rs 2,524.42 crore in the quarter ended 31 March 2024.On full year basis, the companys net profit declined 18.48% to Rs 5,551.85 crore on 3.03% fall in revenue to Rs 20,724.58 crore in FY24 over FY23. The decline in profitability was due to the provisions made for statutory compliances.
The companys crude oil production in Q4 FY24 was higher by 6% YoY with an overall increase of 5.76% to 3.359 MMT in FY24 from 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 it achieved the highest ever natural gas production of 3.182 BCM during the year.
With NRL being a group company of OIL, OILs group turnover for the year is reported at Rs 36,303.62 crore as against Rs 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, stated the company.
Meanwhile, the board recommended issue of bonus shares in the ratio of one equity share for every two existing equity shares held (1:2). The board has fixed 2nd July 2024 as record date.
Further, the board also recommended a final dividend of Rs 3.75 per equity share (pre-bonus) for the financial year ended March 2024.
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Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 March 2024, the Government of India held 56.66% stake in the company.
The scrip rose 0.05% to currently trade at Rs 646.65 on the BSE.
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