Tatsat Chronicle Magazine

Oil India Posts Record Profit Amidst High Retail Fuel Prices

May 26, 2023
Oil Companies

Oil India Limited (OIL), today declared its financial results for FY 2022-23 with a highest-ever net profit since the company’s inception at ₹6,810.40 crore, a surge of 75.20% YoY on the back of higher operating income and growth in oil & gas production.

This comes at the time when consumers continue to pay high prices from petrol and diesel at the fuel pumps, despite international crude prices softening over the past few months.

During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 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 & 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 vs 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 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 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 continued its remarkable track record and 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 $19.86/bbl vis-à-vis US$ 14.33/bbl for the previous year.

Vivek Mukherji

He is the Executive Editor of Tatsat Chronicle and has more than 22 years of experience during which he held several senior editorial positions in print publications, news television and digital media platforms. The former Managing Editor of Sports Illustrated has launched two editions of one India’s largest circulating English newspapers and five magazines. He has written and reported on wide-ranging subjects from crime to politics, from technology to sports, from bureaucracy and governance to environmental issues.