New Delhi: Oil India reported a 13% increase in profit for the March quarter to ₹2,029 crore on high oil prices.
Revenue from operations increased 2% year-on-year to ₹5,757 crore in the fourth quarter of 2023-24. Dividend and interest income doubled to ₹785 crore from ₹388 crore in the year-ago period. Profit for the full fiscal fell 18% to ₹5,552 crore from ₹6,810 crore in 2022-23 \”due to the provisions made for statutory compliances\”, Oil India said. Revenue fell 5% to ₹22,130 crore in 2023-24, it said.
Operating profit from the oil business increased 18% to ₹1,745 in the fourth quarter while profit from natural gas fell 16% to ₹687 crore. The company reported a 6% production growth in crude oil during the quarter and 3% in natural gas.
Oil India also announced a bonus issue. One bonus share will be issued for every two shares held in Oil India. The company also declared a dividend of Rs 3.75 per pre-bonus share.
