Oil India’s Q4FY24 profit up 18%

State-owned Oil India on Monday reported a surge of 17.8% in its consolidated net profit for the last quarter of FY24 at Rs 2,332.94 crore against Rs 1,979.74 crore in Q4FY23. On a sequential basis, however, the net profit declined by almost 11% from Rs 2,607.66. The company’s revenue from operations during the quarter under review rose by 16% and came to be at Rs 10,165.78 crore from Rs 8,764.27 in the corresponding period a year ago.

Total income stood at Rs 10,375.09 crore marking a rise of 16% from Rs 8,936.82 crore in Q4FY23.For FY24, the company’s consolidated net profit declined significantly by 29% to Rs 6,980.45 crore. The board of directors of the company has recommended issuance of one bonus share for every two shares held, subject to the approval of shareholders.

Moreover, the board has also recommended a final dividend of Rs 3.75 per equity share having face value of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per equity share having face value of Rs 10 each (post-bonus).“The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for FY24,” the company said in an exchange filing. “The record date for payment of final dividend would be fixed and intimated in due course,” it said.