In a staggering development, the Maharatna PSU OIL (Oil India Limited) created history by achieving the highest-ever quarterly net profit in three months to March 31st, augmented by higher oil production and better prices. With a standalone net profit of Rs 2,028.33 crore in January-March (13.45% higher than last year), the company said that it was “the highest ever (quarterly) profit after tax.” The PSU also mentioned how it drilled a record-breaking 61 wells during FY23-24, which surpassed all its previous records since inception.
For FY 2023-24, the PSU’s consolidated net profit fell by 29% to Rs 6,980.45 crore. On a standalone basis, a net profit of Rs 5,551.85 crore for FY2023-24 was lower than Rs 6,810.40 crore of the previous year. For the full fiscal, crude oil production was up 5.7% to 3.17 million tonnes, while natural gas output rose 3.21% to reach a record 3.182 billion cubic metres.
OIL has said its board approved issuing a 1:2 bonus issue (one free share for every two held) and also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into a final dividend of Rs 2.50 per share (post-bonus) for 2023-24. 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 fiscal.
