Oil India Reports Highest-Ever Net Profit Of Rs 6,810.40 Crore In FY23

State-run Oil India Limited (OIL) has announced its financial results for the fiscal year 2022-23, revealing a record-breaking net profit of Rs 6,810.40 crore.

This represents a significant surge of 75.20 per cent compared to the previous year, driven by higher operating income and increased oil and gas production.

During the last fiscal year, OIL achieved its highest-ever pipeline throughput, reaching 8.19 million metric tonnes (MMT), the Petroleum Ministry said in a release.

The company also reported highest-ever turnover of Rs 23,272.57 crore, reflecting a substantial year-on-year increase of 60.17 per cent.

OIL's success in oil and gas production can be attributed to its continuous growth in both mature and recently discovered oilfields.

In the last fiscal year, the company achieved a 5.5 per cent increase in oil production, reaching 3.18 MMT, and a 4.4 per cent growth in gas production, reaching 3.18 billion cubic meters (BCM).

These figures mark the highest levels of gas production in the company's history.

The earnings per share (EPS) of OIL also witnessed a significant increase, rising to Rs 62.80 per share compared to Rs 35.85 per share in the previous fiscal year.

The OIL Board responded to this success by declaring a final dividend of Rs 5.50 per share, resulting in a total dividend of Rs 20 per share (face value Rs 10) for FY23.