OIL Reports Its Highest Quarterly Profit In Q2 For FY 23

OIL also reported an increase in its production of crude oil and natural gas.
OIL headquarters in Assam's Duliajan
OIL headquarters in Assam's Duliajan

Oil India Limited (OIL), a public sector undertaking (PSU) under the ministry of petroleum and natural gas of the government of India on Thursday informed that it had recorded its highest-ever profit after tax in a quarter.

In a release today, the country’s second largest national exploration and production company mentioned, “Oil India Limited (OIL) recorded the highest ever quarterly profit after tax in Q2 FY-23 at Rs 1.720.53 crore, supported by improved price realization and production growth. For the half year ended 30 September 2022, the profit after tax was Rs 3,276.02 crore.”

It wrote, “The Earnings Per Share (EPS) also increased to 15.87/share in Q2 FY-23 and to 30.21/share in HI FY-23. OIL Board has declared an interim dividend of 4.50 per share at Face Value of 10.”

Moreover, OIL also reported an increase in its production of crude oil and natural gas. “OIL also maintained the increasing trend in its physical production of Crude Oil and Natural Gas. The Crude Oil Production increased by 3.95%, while Natural Gas Production rose by 2.11% in Q2 FY-23,” the release further read.

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“Similarly, Crude Oil Production and Natural Gas Production for the half year ended 30 September 2022 showed an increase of 4.05% and 5.01% respectively vis-à-vis same period of last FY,” it added.

Meanwhile, the turnover of the company also increased to Rs 6,670.81 crore during Q2 vis-à-vis Rs 3,678.76 crore in Q2 of last FY. OIL's group turnover for the half year ended 30 September 2022 also recorded a rise of 61.42% over the half year ended 30 September 2021, while group PAT for the half year ended 30 September 2022 saw an impressive increase of 100.31% to 25,346.06 crore.

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