Oil India registers highest ever net profit since its inception
New Delhi: Oil India Limited (OIL), a Navratna company fully integrated into exploration and production in the upstream sector, has registered its highest-ever net profit since the company’s inception at ₹6,810.40 crore, a surge of 75.20% Year on Year on the back of higher operating income and growth in oil and gas production.
The state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas Company, today declared its financial results for Financial Year 2022-23. It is the second-largest national oil and gas company in India with a total exploration acreage of 63,097.9 square kilometres spread across India including 53,859.20 sq. km of acreage acquired under Open Acreage Licensing Program OALP.
During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 Million Metric Tonnes (MMT). Also, the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17% YoY.
It is pertinent to mention here that OIL over the last 6 decades, has continued its journey of growth in oil and gas production from its matured and recently discovered oilfields during the last fiscal, with 5.5% growth in oil production at 3.18 MMT and 4.4% growth in gas production at 3.18 BCM, which scaled another height of registering the highest ever gas production by the company ever since its inception.
The earnings per share (EPS) of the company has increased to Rs 62.80/share versus Rs 35.85/share in FY22. OIL Board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20/share (face value Rs 10) for FY23.
As for Q4FY23, the company equally reported improved financial & physical performance over Q4FY22, with turnover growth of 26.15% and Perform, Achieve and Trade (PAT) increase of 9.71%. Crude Oil and Natural Gas production has also shown growth of 6.95% and 6.27% respectively in Q4FY23 YoY.
With Numaligarh Refinery Limited (NRL) being a group company of OIL, it is worth noting that the company has recorded its highest ever consolidated profit after tax of ₹9,854.39 crores, a growth of 46.66% YoY and a highest ever consolidated turnover of ₹41,038.94 crore for the fiscal, an increase of 36.75% YoY.
NRL displayed the highest-ever crude throughput of 3,091.37 TMT in fiscal 23 with capacity utilisation of 103 %. The gross refinery margin of NRL for FY23 is US$ 19.86/bbl vis-à-vis US$ 14.33/bbl for the previous year.
OIL now plans to expand its footprint to other high-potential regions of India apart from its current footprints in Assam, Arunachal Pradesh, Mizoram, Tripura, Nagaland, Rajasthan, Odisha, Mahanadi Onshore, Andhra Pradesh, Andaman Offshore, Kerala-Konkan Offshore, and Krishna-Godavari Shallow water. The Company also commissioned India’s first 99.9% pure Hydrogen Pilot Plant in Assam, which is OIL’s first significant step towards boosting Green Hydrogen economy in India.
– global bihari bureau