 "Fields headquarters of Oil India Limited")
Oil India Limited (OIL) on Monday announced 18 per cent rise in its net profit in the quarter ending March 31, 2024 (Q4FY24). The company reported the rise in profit on back of higher prices of crude oil, according to stock exchange filing.
The company reported consolidated net profit of Rs 2,332.94 crore in Q4FY24 compared with Rs 1,979.74 crore earning in the same period of the previous financial year.
The state-owned oil and gas producer's board has also recommended issue of bonus shares in the ratio of 1:2 which means one equity share of Rs 10 each for every two existing equity shares of Rs 10, each fully paid up subject to the approval of shareholders.
The board has also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for FY24. The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for the financial year.
The final dividend would be paid within 30 days from the date of declaration at the AGM, said the compnay in the regulatory filing, adding that the record date for payment of final dividend would be fixed and intimated in due course.
According to the compnay, the higher oil prices led to a 16 per cent rise in turnover to Rs 10,375.09 crore in Q4FY24 compared to Rs 8,936.82 crore in Q4FY23.
For the full FY24, the net profit declined 29 per cent to Rs 6,980.45 crore.
