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Oil India net profit surges to Rs 6,810.40 crore

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HT Bureau
GUWAHATI, May 25: 
Oil India Limited, the national oil company, declared its financial results on Thursday for FY 2022-23 registering the highest-ever net profit since the company’s inception at Rs 6,810.40 crore, a surge of 75.20 percent YoY on the back of higher operating income and growth in oil & gas production.
The company, over the last 6 decades, continued its journey of growth in oil & gas production from its matured and recently discovered oil fields during the last fiscal, with 5.5 percent growth in oil production at 3.18 MMT and 4.4 percent growth in gas production at 3.18 BCM, which scaled another height of registering the highest ever gas production by the company ever since its inception. During the last fiscal, the company also reported the highest-ever pipeline throughput of 8.19 MMT. Aggressive exploration of the company led to a new hydrocarbon discovery during the year in Sesabil area in the Assam shelf basin.
The company also recorded the highest-ever turnover of Rs 23,272.57 crore, a rise of 60.17 percent YoY. With the growth in profit, the earnings per share (EPS) of the company increased to Rs 62.80 per share vis-a-vis Rs 35.85 per share the previous year. OIL Board has declared the final dividend of Rs 5.50 per share with a total dividend of Rs 20 per share (face value Rs 10) for fiscal 23. As for Q4, the company equally reported improved financial & physical performance over the corresponding quarter of FY 22, with turnover growth of 26.15 percent and PAT increase of 9.71 percent.
Crude oil and natural gas production also have shown growth of 6.95 percent and 6.27 percent respectively in Q4 YoY. With NRL being a group company of OIL, the company recorded its highest ever consolidated profit after tax of Rs 9,854.39 crores, a growth of 46.66 percent YoY and a highest ever consolidated turnover of Rs 41,038.94 crore for the fiscal, an increase of 36.75 percent YoY. NRL continued its remarkable track record and displayed the highest-ever crude throughput of 3,091.37 TMT in fiscal 23 with capacity utilisation of 103 percent. The gross refinery margin of NRL for FY23 is USD 19.86 per bbl vis-a-vis USD 14.33 per bbl for the previous year.

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The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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