Oil India Limited (OIL) has announced its financial results for the fiscal year 2022-23, achieving a significant milestone with its highest-ever net profit since the company’s inception. The company reported a net profit of Rs. 6,810.40 crore, representing a remarkable surge of 75.20% year-on-year. This exceptional performance is attributed to increased operating income and robust growth in oil and gas production.
During the last fiscal year, OIL accomplished several notable milestones. The company achieved its highest-ever pipeline throughput, reaching 8.19 million metric tonnes. Additionally, it recorded a record-breaking turnover of Rs. 23,272.57 crore, indicating an impressive 60.17% year-on-year increase.
OIL has consistently demonstrated growth in oil and gas production over the past six decades, encompassing both matured and recently discovered oilfields. In the last fiscal year, the company achieved a 5.5% growth in oil production, totaling 3.18 million metric tonnes. Gas production also experienced a notable increase of 4.4%, reaching 3.18 billion cubic meters. These figures mark the highest gas production ever recorded by the company since its inception.
The company’s earnings per share (EPS) witnessed a significant rise, reaching Rs. 62.80 per share compared to Rs. 35.85 per share in the previous fiscal year (FY22). OIL’s Board has declared a final dividend of Rs. 5.50 per share, resulting in a total dividend of Rs. 20 per share (face value Rs. 10) for FY23, rewarding its shareholders.
In the fourth quarter of FY23, OIL continued to display improved financial and physical performance compared to the same period in the previous fiscal year. The company achieved a 26.15% growth in turnover and a 9.71% increase in profit after tax (PAT). Additionally, crude oil and natural gas production experienced growth of 6.95% and 6.27% respectively in Q4FY23 compared to the corresponding period in the previous year.
It is worth highlighting that OIL’s group company, NRL, also achieved outstanding financial results. NRL reported its highest-ever consolidated profit after tax of Rs. 9,854.39 crore, reflecting a substantial growth of 46.66% year-on-year. Furthermore, the company recorded its highest-ever consolidated turnover of Rs. 41,038.94 crore, indicating an impressive 36.75% increase compared to the previous fiscal year.
NRL’s exceptional performance was underscored by its record-breaking crude throughput of 3,091.37 thousand metric tonnes in FY23, operating at a remarkable capacity utilization rate of 103%. The gross refinery margin of NRL for FY23 stood at US$ 19.86 per barrel, surpassing the previous year’s margin of US$ 14.33 per barrel.
These remarkable financial achievements highlight Oil India Limited’s commitment to sustained growth and success in the oil and gas industry. The company’s dedication to maximizing production and profitability has yielded exceptional results, further solidifying its position as a key player in the sector