Oil India rallied 8.12% to Rs 241.65 after the state-run oil major's standalone net profit surged 40.3% to Rs 1,746.10 crore on 43.9% jump in revenue from operations to Rs 5,376.16 crore in Q3 FY23 over Q3 FY22.
The company reported highest ever profit after tax in Q3 FY23 on strength of better pricing and higher output of crude oil and natural gas.
Profit before tax was at Rs 2,302.93 crore in the third quarter, registering a growth of 44.5% from Rs 1,593.20 crore recorded in the corresponding quarter previous year.
EBITDA grew 32.28% to Rs 2,957.47 crore in Q3 FY23 as against Rs 2,235.72 crore posted in Q3 FY22. EBITDA margin improved to 49.44% as compared with Rs 47.52% reported in Q3 FY22.
The company's realised crude oil price stood at $88.33/ bbl in Q3 FY23 as against $78.59/ bbl recorded in the same period a year ago.
Oil India's Crude Oil production rose 7.03% to 0.807 million metric tonnes (MMT) in Q3 FY23 as against 0.754 MMT of production in Q3 FY22.
Natural Gas production for Q3 FY23 grew by 1.64% to 806 metric standard cubic meters (MMSCM) from 793 MMSCM in Q3 FY22.
On consolidated basis, the company's net profit soared 76% to Rs 2,284.41 crore on 37.1% rise in revenue from operations from Rs 9,301.98 crore in Q3 FY23 over Q3 FY22.
Meanwhile, the company's board has declared a second interim dividend of Rs 10 per share for the financial year 2022 23. The record date for the same is fixed on Wednesday, 22 February 2023 and the dividend will be paid on or before 12 March 2023.
Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 31 December 2022, the Government of India held 56.66% stake in the company.
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