Oil India Registers Highest Ever Net Profit Of Rs. 6810.40 Crore Since Inception
During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT
Oil India Limited (OIL), declared its financial results for FY 2022-23 with a thumping highest-ever net profit since the company’s inception at ₹6,810.40 crore, a surge of 75.20% YoY on the back of higher operating income and growth in oil & gas production.
During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT. Also, the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17% YoY.
It is pertinent to mention here that OIL over the last 6 decades, has continued its journey of growth in oil & gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5% growth in oil production at 3.18 MMT and 4.4% growth in gas production at 3.18 BCM, which scaled another height of registering the highest ever gas production by the company ever since its inception.
The earnings per share (EPS) of the company has increased to Rs 62.80/share vs Rs 35.85/share in FY22. OIL Board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20/share (face value Rs 10) for FY23.
As for Q4FY23, the company equally reported improved financial & physical performance over Q4FY22, with turnover growth of 26.15% and PAT increase of 9.71%. Crude Oil and Natural Gas production has also shown growth of 6.95% and 6.27% respectively in Q4FY23 YoY.
With NRL being a group company of OIL, it is worth noting that the company has recorded its highest ever consolidated profit after tax of ₹9,854.39 crores, a growth of 46.66% YoY and a highest ever consolidated turnover of ₹41,038.94 crore for the fiscal, an increase of 36.75% YoY.
NRL continued its remarkable track record and displayed the highest-ever crude throughput of 3,091.37 TMT in fiscal 23 with capacity utilisation of 103 %. The gross refinery margin of NRL for FY23 is US$ 19.86/bbl vis-à-vis US$ 14.33/bbl for the previous year.
About Oil India Limited:
Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector. A Navratna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India.
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Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector. It is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. OIL is the second largest national oil and gas company in India.
In its financial results for FY 2022-23, Oil India Limited announced its highest-ever net profit since its inception at ₹6,810.40 crore, which represents a surge of 75.20% year-on-year. This significant increase in net profit can be attributed to higher operating income and growth in oil & gas production.
During the same fiscal year, Oil India Limited achieved the highest-ever pipeline throughput of 8.19 million metric tonnes (MMT) and recorded a turnover of Rs 23,272.57 crore, marking a rise of 60.17% compared to the previous year.
Oil India Limited has demonstrated consistent growth in oil & gas production from both mature and recently discovered oilfields. In FY 2022-23, the company achieved a 5.5% growth in oil production at 3.18 MMT and a 4.4% growth in gas production at 3.18 billion cubic meters (BCM). This accomplishment set a new record for the highest-ever gas production by the company since its inception.
The earnings per share (EPS) of Oil India Limited increased to Rs 62.80/share in FY 2022-23 compared to Rs 35.85/share in FY 2021-22. The company’s board declared a final dividend of Rs 5.50 per share, resulting in a total dividend of Rs 20/share (face value Rs 10) for FY 2022-23.
In the fourth quarter of FY 2022-23, Oil India Limited demonstrated improved financial and physical performance compared to the same quarter in the previous year. The company reported a turnover growth of 26.15% and a PAT (Profit After Tax) increase of 9.71%. Additionally, crude oil production and natural gas production grew by 6.95% and 6.27% respectively in Q4FY23 compared to Q4FY22.
Oil India Limited’s group company, NRL (Numaligarh Refinery Limited), also achieved remarkable results. NRL recorded its highest-ever consolidated profit after tax of ₹9,854.39 crore, representing a growth of 46.66% year-on-year. The company’s consolidated turnover for the fiscal year reached ₹41,038.94 crore, marking an increase of 36.75% compared to the previous year. NRL achieved the highest-ever crude throughput of 3,091.37 thousand metric tonnes (TMT) with a capacity utilization of 103% in FY 2022-23. The gross refinery margin of NRL for the fiscal year stood at US$19.86/bbl, compared to US$14.33/bbl in the previous year.
These results highlight Oil India Limited’s strong financial performance, growth in production, and overall success in the oil and gas industry in India.
