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Business News/ Markets / Stock Markets/  Oil India Q4 results: Standalone PAT jumps 10% to 1,788 cr, declares dividend

Oil India Q4 results: Standalone PAT jumps 10% to ₹1,788 cr, declares dividend

Oil India posted a steady performance in March 2023 quarter on a year-on-year basis driven by strong revenue growth in natural gas segment. However, sequentially, the company's quarterly performance was under pressure.

Oil India declared a final dividend of 55% for its shareholders in FY23. (Reuters)Premium
Oil India declared a final dividend of 55% for its shareholders in FY23. (Reuters)

State-owned Oil India posted a nearly 9.70% jump year-on-year in standalone net profit to 1788.28 crore for the fourth quarter of FY23 as compared to 1630.01 crore a year-ago period. The oil explorer also witnessed double-digit growth in revenue driven by the natural gas business. However, sequentially, the company's quarterly performance was weak. Oil India also declared a final dividend for FY23.

Compared to December 2023 quarter where PAT stood at 1,746.10 crore, Oil India posted a growth of 2.4% in Q4FY23.

Meanwhile, revenue from operations stood at 5,649.65 crore in Q4FY23, rising by 26.15% from 4,478.61 crore in Q4 of the previous fiscal. However, revenue dipped by 3.90% from 5,879.41 crore in Q3FY23.

In segment-wise performance, revenue from crude oil declined sharply to 3,666.57 crore in Q4FY23 versus 3,858.79 crore in Q4FY22 and 3,985.91 crore in Q3FY23.

Read here: ICRA Q4: Net profit up 15% to 38.4 cr, dividend declared

Natural gas revenue jumped impressively to 1,614.61 crore in Q4FY23, more than tripled from 469.04 crore in Q4FY22. In December 2022 quarter, natural gas revenue was at 1,660.27 crore.

As of March 31, 2023, standalone LPG revenue stood flat at 54.64 crore versus 54.37 crore a year same quarter, pipeline transportation climbed to 287.83 crore from 70.91 crore in Q4FY22, but a slight decline was in renewable energy business revenue to 22.55 crore in Q4FY23 as against 24.49 crore in Q4FY22.

On a consolidated basis, in Q4FY23, the PAT was at 1742.83 crore attributable to the owners of the company, as against 2,117.69 crore in Q4FY22. Revenue dipped to 8,767.72 crore compared to 8,869.71 crore in Q4FY22. Sequentially, the decline was at a much higher pace from PAT of 2,284.41 crore and 10,580.55 crore in December 2022 quarter.

Read here: Nykaa Q4: Net profit declines 71% to 2.4 cr, revenue up 34%

In a meeting held on Wednesday, Oil India's board of directors announced a final dividend of 5.50 per share having a face value of 10 each for FY23. In percentage terms, the dividend is 55%.

The final dividend is in addition to 14.50 per equity share dividend paid earlier in the financial year.

On BSE, Oil India's share price stood at 269.55 apiece broadly flat compared to the previous session.

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Published: 24 May 2023, 06:58 PM IST
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