Net profit for FY23 is the highest since inception: Oil India

New Delhi [India], May 27 (ANI): Oil India has posted its highest net profit since its inception with a jump of 75.20 per cent year-on-year to Rs 6,810.40 crore for the fiscal 2022-23, on the back of higher operating income and growth in oil and gas production.

During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 million tonne. Also, the highest-ever turnover of Rs 23,272.57 crore, a jump of 60.17 per cent year-on-year, according to a statement from the ministry of petroleum and natural gas.

The ministry said OIL, over the last six decades, has continued its journey of growth in oil and gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5 per cent growth in oil production at 3.18 million tonne and 4.4 per cent growth in gas production at 3.18 billion cubic meters (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 increased to Rs 62.80 per share, against Rs 35.85 per share in FY22. OIL’s board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20 per cent share for FY23, according to the statement released on Friday evening.

As for the fourth quarter of fiscal 2022-23 (Q4FY23), the company equally reported improved financial and physical performance over Q4FY22, with turnover growth of 26.15 per cent and profit after tax (PAT) increase of 9.71 per cent. Crude oil and natural gas production has also shown growth of 6.95 per cent and 6.27 per cent, respectively, in Q4FY23 year-on-year.

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 Rs 9,854.39 crore, showing a growth of 46.66 per cent year-on-year and a highest-ever consolidated turnover of Rs 41,038.94 crore for the fiscal with an increase of 36.75 per cent year-on-year, according to the statement.

NRL continued its remarkable track record and displayed the highest-ever crude throughput of 3,091.37 thousand metric tonne (TMT) in fiscal 2022-23 with a capacity utilisation of 103 per cent. The gross refinery margin of NRL for FY23 is USD 19.86 per barrel, against USD 14.33 per barrel for the previous year.