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Oil India records highest ever net profit of over 3,887 crore in FY22

The company's average crude oil price realisation improved significantly with a growth of 80% in FY22 to $78.96 per barrel against $43.98 per barrel of FY21.Premium
The company's average crude oil price realisation improved significantly with a growth of 80% in FY22 to $78.96 per barrel against $43.98 per barrel of FY21.

  • The company has achieved the highest ever natural gas production of 3045 MMSCM in 2021-22, an increase of 15.25% over last year. Natural gas production in Q4of FY22 was higher by 13.7% over the corresponding period last year.

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Government-owned Oil India records the highest ever net profit of 3,887.31 crore for the financial year FY22 - rising by 123.20% from the profit of Rs1741.59 crore of the previous fiscal. The company's average crude oil price realisation improved significantly with a growth of 80% in FY22 to $78.96 per barrel against $43.98 per barrel of FY21.

It clocked a marginal rise in the average natural gas price for FY22 at $2.35 per MMBTU against $2.09 per MMBTU for fiscal 2020-21.

Further, the company has achieved the highest ever natural gas production of 3045 MMSCM in 2021-22, an increase of 15.25% over last year. Natural gas production in Q4of FY22 was higher by 13.7% over the corresponding period last year.

Meanwhile, crude oil production during FY22 also increased by 1.60% to 3.01 MMT from 2.96 MMT in 2020-21. The growth in crude oil production in Q4 2021-22 is 4.2% over the corresponding period last year.

Oil India's turnover stood at Rs14,530.18 crore during FY22 which is also the highest ever. The turnover in FY21 was at 8,604.90 crore.

In Q4FY22, the company's turnover and net profit have increased by 73.85% and 92.32% respectively over Q4 last financial year.

On Friday, the company's board recommended a final dividend of 5 per share for FY22. The Company has earlier paid an interim dividend of 9.25 per share for FY22. The total dividend for the year will be Rs14.25 per share.

SC Mishra, CMD, Oil India Limited told ANI that one of the reasons behind the record profit is high crude oil and gas prices.

On BSE, Oil India shares closed at 217.95 apiece down by 4.24%.

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