Oil India Limited (OIL), today reported its financial results for the fiscal year 2022-23 with its highest ever net profit since the company’s inception at ₹6,810.40 crore, an increase of 75.20% on on an annual basis due to increased operating income and growth in oil and gas production.
During its most recent fiscal year, the company also reported its highest-ever pipeline throughput of 8.19 MMT. Also, the highest-ever revenue of Rs 23,272.57 crore, an increase of 60.17% YoY.
It is pertinent to mention here that OIL over the past 6 decades has continued its path of growing oil and gas production from its newly matured and discovered fields during the last fiscal year, with oil production growth of 5.5% to 3.18 MMT and 4.4% growth in gas production to 3.18 bcm, which climbed another level to record the highest gas production ever recorded by the company since its inception.
The company’s earnings per share (EPS) increased to Rs 62.80/share compared to Rs 35.85/share in FY22. The OIL board declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20/share (par value Rs 10) for the 23rd fiscal year.
Regarding the fourth quarter of fiscal year 23, the company also reported improved financial and physical performance compared to the fourth quarter of fiscal year 22, with revenue growth of 26.15% and PAT increase of 9.71%. Crude oil and natural gas production also showed growth of 6.95% and 6.27% respectively in Q4FY23 YoY.
As NRL is an OIL group company, it is worth noting that the company recorded its highest consolidated profit after tax of ₹ 9854.39 crore, growth of 46.66% YoY and consolidated revenue highest ever consolidated ₹ 41,038.94 crore for the fiscal year, an increase of 36.75% year on year.
NRL continued its outstanding track record and displayed its highest-ever crude oil production of 3,091.37 TMT in FY23 at 103% capacity utilization. NRL’s refinery gross margin for FY23 is US$19.86/bbl compared to US$14.33/bbl for the prior year.
About Oil India Limited:
Oil India Limited (OIL) is a fully integrated upstream exploration and production company. A Navratna Corporation, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Oil and Natural Gas and is the second largest domestic oil and gas company in India.