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Business News/ Companies / Company Results/  Oil India Q4 results: Net profit rises 18% to 2,333 crore, announces 1:2 bonus share
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Oil India Q4 results: Net profit rises 18% to ₹2,333 crore, announces 1:2 bonus share

Oil India Ltd reported consolidated net profit of ₹2,332.94 crore in January-March -- the fourth quarter of the 2023-24 fiscal year -- compared with ₹1,979.74 crore earning in the same period of the previous financial year

Oil India Q4 resultsPremium
Oil India Q4 results

State-owned Oil India Ltd (OIL) on Monday reported an 18 per cent rise in net profit in the March quarter on the back of higher prices of crude oil.

The consolidated net profit of 2,332.94 crore in January-March -- the fourth quarter of the 2023-24 fiscal year -- compared with 1,979.74 crore earning in the same period of the previous financial year, according to a stock exchange filing by the nation's second biggest state-owned oil and gas producer.

Also read: IRFC Q4 results: Net profit rises 34% to 1,717 crore, declares dividend of 0.70

Higher oil prices led to a 16 per cent rise in turnover to 10,375.09 crore.

Earnings from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.

For the full 2023-24 fiscal (April 2023 to March 2024), net profit fell 29 per cent to 6,980.45 crore.

OIL said its board approved issue a 1:2 bonus issue (one free share for every two held).

Also read: Q4 Results Today: ONGC, IRFC, Bharat Electronics among others, to announce earnings on May 20

It also approved a final dividend of 3.75 per equity share of 10 each (pre-bonus), which translates into final dividend of 2.50 per share (post-bonus) for 2023-24 fiscal.

The final dividend is in addition to the interim dividend of 3.50 (pre-bonus) and second interim dividend of 8.50 (pre-bonus) paid for the fiscal.

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Published: 20 May 2024, 08:01 PM IST
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