Oil India Limited (OIL), the national oil company, has registered its highest-ever net profit of Rs. 6,810.40 crores for the financial year 2022-23 (FY23). This is a surge of 75.20 percent year-on-year (YoY).
The company's net profit was driven by higher operating income and growth in oil and gas production. OIL's operating income for FY23 stood at Rs. 23,272.57 crores, a rise of 60.17 percent YoY. The company's oil production increased by 5.5% to 3.18 million metric tonnes (MMT) and gas production increased by 4.4% to 3.18 billion cubic meters (BCM) in FY23.
OIL also reported the highest-ever pipeline throughput of 8.19 MMT in FY23. The company's aggressive exploration efforts led to a new hydrocarbon discovery during the year in the Sesabil area in the Assam shelf basin.
With the growth in profit, OIL's earnings per share (EPS) increased to Rs. 62.80/share in FY23, from Rs. 35.85/share in the previous year. The company's board has declared a final dividend of Rs. 5.50 per share, with a total dividend of Rs. 20/share (face value Rs. 10) for FY23.
In the fourth quarter (Q4) of FY23, OIL's turnover grew by 26.15 percent YoY to Rs. 6,429.62 crores. The company's net profit in Q4 stood at Rs. 1,771.60 crores, a growth of 9.71 percent YoY. Crude oil and natural gas production also grew by 6.95 percent and 6.27 percent respectively in Q4 YoY.
OIL's subsidiary, Numaligarh Refinery Limited (NRL), also recorded its highest-ever consolidated profit after tax of Rs. 9,854.39 crores in FY23. The company's consolidated turnover stood at Rs. 41,038.94 crores in FY23. NRL's crude throughput in FY23 was 3,091.37 TMT with capacity utilisation of 103 percent. The gross refinery margin of NRL for FY23 was US$ 19.86/bbl vis-à-vis US$ 14.33/bbl for the previous year.
OIL's performance in FY23 is a reflection of its strong operational and financial fundamentals. The company is well-positioned to continue its growth momentum in the coming years.