Oil India on Wednesday reported a nearly 9.7 per cent jump year-on-year in standalone net profit to Rs 1,788.28 crore for the fourth quarter of FY23 as compared to Rs 1,630.01 crore a year-ago period.
The state-owned oil compnay also witnessed double-digit growth in revenue driven by the natural gas business.
However, sequentially, the company's quarterly performance was weak. Compared to December 2023 quarter where PAT stood at Rs 1,746.10 crore, Oil India posted a growth of 2.4 per cent in Q4FY23.
Meanwhile, revenue from operations stood at Rs 5,649.65 crore in Q4FY23, rising by 26.15 per cent from Rs 4,478.61 crore in Q4 of the previous fiscal. However, revenue dipped by 3.90 per cent from Rs 5,879.41 crore in Q3FY23.
In segment-wise performance, revenue from crude oil declined sharply to Rs 3,666.57 crore in Q4FY23 versus Rs 3,858.79 crore in Q4FY22 and Rs 3,985.91 crore in Q3FY23. Natural gas revenue jumped impressively to Rs 1,614.61 crore in Q4FY23, more than tripled from Rs 469.04 crore in Q4FY22. In December 2022 quarter, natural gas revenue was at ₹1,660.27 crore.
Oil India also declared a final dividend for FY23. Oil India's board of directors announced a final dividend of Rs 5.50 per share having a face value of Rs 10 each for FY23. In percentage terms, the dividend is 55 per cent.
The final dividend is in addition to Rs 14.50 per equity share dividend paid earlier in the financial year.