Oil India's Q4 PAT jumps 18% to ₹2,333 crore, board announces bonus issue

Oil India on Monday reported an 18% year-on-year (YoY) rise in its fourth-quarter consolidated net profit at ₹2,333 crore. The board of directors of the company has recommended a bonus issue in the ratio of one equity share for every two existing equity shares held.

Revenue from operations rose 16% YoY to ₹10,166 crore during the quarter while total income grew 16% to ₹10,375 crore. The company’s crude oil production during the quarter rose 6% YoY with an overall increase of 5.76% to 3.359 million metric tonnes (MMT) in FY24 vis-a-vis 3.176 MMT produced during FY23.

For FY24, revenue from operations fell 12% to ₹36,304 crore while total income declined 10% to ₹37,646 crore. Net profit fell 29% to ₹6,980 crore during the year.

Oil India also achieved growth in its natural gas production during Q4FY24 by 3.21% over the corresponding quarter of FY23. It achieved the highest-ever natural gas production of 3.182 billion cubic metres (BCM) during the year. The firm drilled a record-breaking 61 wells during the fiscal year, which surpassed all its previous records since inception, the company said in a statement.

The board recommended a final dividend of ₹3.75 per equity share (pre-bonus), which translates into a final dividend of ₹2.5 per equity share. This is in addition to the first and second interim dividend of ₹3.5 and ₹8.5 per share (pre-bonus) paid during the year.

For FY24, crude oil revenue fell 4% YoY to ₹16,123 crore while revenue from natural gas declined 5.46% to ₹5,190 crore. Revenue from refinery products declined by 20% to ₹23,731 crore during the year. Meanwhile, revenue from liquefied petroleum gas (LPG), pipeline transportation and renewable energy segments came in lower compared to that in FY23.

Shares of the company have gained over 70% since the beginning of the year. The stock has gained over 144% in the last one year.