Q4 result alert: This oil company reported over a 9% increase in net profit!

The board of directors announced a final dividend of Rs 5.50 per share having a face value of Rs 10 each for FY23. 

Business performance 

On Wednesday, State-owned Oil India reported a nearly 9.70% jump YoY in standalone net profit to Rs 1,788.28 crore for Q4FY23 as compared to Rs 1,630.01 crore a year-ago period. The oil explorer also witnessed double-digit growth in revenue driven by the natural gas business. However, sequentially, the company's quarterly performance was weak. Oil India's board of directors announced a final dividend of Rs 5.50 per share having a face value of Rs 10 each for FY23. In percentage terms, the dividend is 55%. 

Company profile 

OIL was founded in 1959 by the Government of India to explore and produce oil and gas in India. The company has a portfolio of assets that includes oil and gas fields, pipelines, refineries, and marketing outlets headquartered in Duliajan, Assam. It is one of the largest oil and gas producers in India. OIL is a major contributor to the Indian economy. The company employs over 20,000 people and contributes to the government's exchequer through taxes and royalties. 

OIL is also a major source of foreign exchange for India. OIL is committed to sustainable development. The company has several initiatives in place to reduce its environmental impact, including the use of renewable energy and the development of carbon capture and storage technologies. OIL is a leading player in the Indian oil and gas industry. The company is well-positioned to meet the growing demand for oil and gas in India and abroad.  

Share price movement 

Today, the share of Oil India Ltd opened at Rs 264.85 and has touched a high and low of Rs 269.20 and Rs 261.60, respectively. So far 67,951 shares have been traded on the bourses. At the time of writing, the shares of Oil India Ltd were trading at Rs 268.95, a decrease of 0.22% from the previous day’s closing price of Rs 269.55 on BSE. The stock has a 52-week high and low of Rs 306 and Rs 168.30, respectively on BSE.