Oil India has reported a record net profit of Rs 6,810.40 crore for the fiscal year 2022-23, a jump of 75.20 percent compared to the previous year. This marks the highest net income the company has seen since its inception in 1961. This impressive growth comes on the back of a higher operating income and increasing oil and gas production.
During the last fiscal year, Oil India also managed the highest ever pipeline throughput of 8.19 million tone and highest ever turnover of Rs 23,272.57 crore, a 60.17 percent increase compared to the previous year. Oil production jumped 5.5 percent to 3.18 million tonnes, while gas production rose 4.4 percent to 3.18 billion cubic meters. Earnings per share more than doubled from Rs 35.85 to Rs 62.80 per share. Furthermore, Oil India’s board declared final dividend of Rs 5.50 per share with a total dividend of Rs 20 percent per share for FY23.
For the fourth quarter of FY23, the company reported even better results. Profit after tax, for example, increased by 9.71 percent and crude oil and natural gas production increased by 6.95 percent and 6.27 percent, respectively, compared to the fourth quarter of FY22.
Oil India is a group company of NRL, or the Numaligarh Refinery Limited. Together, the companies reported a leading consolidated profit after tax of Rs 9,854.39 crore, a 46.66 percent year-on-year increase, and a highest-ever consolidated turnover of Rs 41,038.94 crore, with a 36.75 percent year-on-year growth. The NRL also had a record-breaking crude throughput of 3,091.37 thousand metric tonnes with a capacity utilisation of 103 percent and an even higher gross refinery margin of USD 19.86 per barrel in fiscal 2022-23, much higher than USD 14.33 per barrel the year before.
The impressive numbers presented by Oil India and NRL for the fiscal year 2022-23 highlight the fact it was the most successful year to date, with record-breaking figures in a wide range of performance indicators. This is due to the impressive leadership of Shri A.K. Balyan, Managing Director, and Shri Sunil Kumar, Director (Technical & Projects) of Oil India, who have diligently pushed the organisation towards record-breaking success.
