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.
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.
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.
