Oil India Q4 results: Net profit declines 10% to Rs 2,333 crore

State-owned Oil India Limited (OIL) has reported a 10 percent fall in consolidated net profit at Rs 2332.94 crore in the March quarter of financial year 2023-24. The state-run oil producer posted a net profit of Rs 2,607.66 crore in the previous quarter.

Meanwhile, the consolidated net profit of the company jumped around 17 percent on a year-on-year basis in Q4 as the company's profit stood at Rs 1,979.74 crore in the same period last year.

Revenue from operations stood at Rs 10,166 crore, up by 16 percent from the year-ago period, the company mentioned in the filing.

 

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The board has also recommended the issue of bonus for the record date of shares in the ratio of 1:2 i.e. 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.

It is further informed that the Board has recommended a final dividend of Rs. 3.75 per equity share having a face value of Rs. 10/- each (pre-bonus), which translates into a final dividend of Rs. 2.50 per equity share having a face value of Rs. 10/- each (post-bonus) for the financial year 2023-24, subject to the approval of the shareholders of the Company.

The final dividend would be paid within 30 days from the date of declaration at the AGM. The final dividend is in addition to the Interim Dividend of Rs. 3.50/- (pre-bonus) and the second Interim Dividend of Rs. 8.50/- (pre-bonus) paid for the financial year 2023-24.

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Moreover, revenue for the quarter under review is reported at Rs 5757 crore, a little bit higher from the previous year at Rs 5646 crore.

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