OIL records highest-ever profit after tax in Q4 FY24 

Syllad | The Rising MeghalayaMay 21, 2024

Oil India Limited (OIL), the youngest Maharatna CPSE of India, declared its financial results for the 2023-24 fiscal, in its 554th meeting of the Board of Directors held on Monday. 

On the strength of sound operating performance reflected in the highest ever O+OEG production of 6.54 MMTOE, the company registered the highest ever EBIDTA of Rs 11,643.30 crore for the 2024 fiscal. 

The company also recorded the highest-ever profit after tax for Q4 FY24 at Rs 2,028.83, an increase of 13.45% over Q4 FY23. The PAT of the company for FY 2023-24 decreased to Rs 5,551.85 crore vis-à-vis Rs 6,810.40 crore for FY 2022-23 due to the provisions made for statutory compliances. 

Continuing the growth story, the company pursued its efforts towards ensuring the nation’s energy security by sustaining production from its matured and old oil& gas fields. The company’s crude oil production in Q4 FY24 is higher by 6% YoY with an overall increase of 5.76% to 3.359 MMT in FY24 vis-a-vis 3.176 MMT produced during FY23.

The company also achieved growth in its natural gas production during Q4 FY24 by 3.21% over the corresponding quarter of FY23 and the company achieved the highest-ever natural gas production of 3.182 BCM during the year. 

Further, the company drilled a record-breaking 61 wells during FY 23-24, which surpassed all its previous records since inception.

The BOD recommended the issue of bonus shares in the ratio of one equity share of Rs 10 each for every two existing equity shares of Rs 10 each held. The board also recommended a final dividend of Rs 3.75 per equity share (pre-bonus) (face value of Rs 10 per equity share) which translates into a final dividend of Rs 2.50 per equity share (post-bonus) (face value of Rs 10 per equity share). This is in addition to the 1st and 2nd interim dividends of Rs 3.50 per equity share (pre-bonus) and Rs 8.50 per equity share (pre-bonus) respectively, paid during the year by the Company.

With NRL being a group company of OIL, OIL’s group turnover for the year is reported at Rs 36,303.62 crore vis-à-vis Rs 41,025.98 crore in FY23 mainly due to lower prices of crude oil, natural gas and petroleum products during FY24 compared to FY23 and lower throughput of NRL on account of Refinery turnaround in Q1 FY24.