Oil India Limited (OIL) has reported highest ever profit after tax in Q3 FY23 on strength of better pricing and higher output of crude oil and natural gas.

 

The company has reported Profit after Tax (PAT) for Q3 FY23 is Rs. 1,746.10 crore vis-a-vis Rs. 1,244.90 crore for Q3 FY22. For the nine months ended 31st December 2022, profit after tax recorded growth of over 120% to Rs. 5,022.12 crore vis-a-vis Rs. 2,257.30 crore for similar period last year.

 

OIL’s Group PAT for the nine months ended 31st December 2022 is Rs. 7,874.65 crore vis-a-vis Rs. 4,191.89 crore for the nine months ended 31st December, 2021, an increase of 87.85%.

 

The turnover has increased by 27.13% during Q3 FY23 over the turnover of Q3 FY22. For the nine months ended 31st December 2022 turnover has increased by 63.1% over the turnover for the nine months ended 31st December 2021.

 

OIL’s group turnover for the nine months ended 31st December 2022 has recorded a rise of 50.14% to Rs. 32,821.47 crore vis-a-vis turnover of Rs. 21,859.27 crore for the nine months ended 31st December 2021.

 

The Earnings Per Share (EPS) for Q3 FY23 also increased to Rs. 16.10/share from Rs. 11.48/share for Q3 FY22. For the nine months ended 31st December 2022, EPS increased to Rs. 46.31/share from Rs. 20.82/share in a similar period last year.

 

Growth in Crude Oil production by 7.03% to 0.807 MMT vis-a-vis 0.754 MMT for Q3 FY22. Crude oil production for the nine months ended 31st December 2022 is 2.376 MMT vis-a-vis 2.262 MMT for the period ended 31st December 2021, increased by 5.04%.

 

Natural Gas production for Q3 FY23 also grew by 1.64% to 806 MMSCM vis-a-vis 793 MMSCM for Q3 last year. Natural Gas production for the nine months ended 31st December 2022 is 2,400 MMSCM vis-a-vis 2311 MMSCM for the nine months ended 31st December 2021, increased by 3.85%.

 

The Board of OIL has declared an 2nd interim dividend of Rs. 10 per share (face value Rs. 10). This is in addition to the 1st interim dividend of Rs. 4.50 per share (face value Rs. 10) declared earlier. The total interim dividend paid during the year is Rs. 14.50 per share (face value Rs. 10).