The shares of Oil India Limited were trading more than 7 percent higher till the afternoon on Monday at Rs 238 levels after the company reported its highest-ever quarterly net profits.
In Q3FY23, their total revenue from operations stood at Rs 10,580.55 Crore, an increase of 38 percent Year on Year from Rs 7,685.49 Crore. On a sequential basis, their revenue grew sideways from Rs 10,453.87 Crore.
Oil India net profits in the period was Rs 2,528.59 Crore, up 66 percent Year on Year from Rs 1,522.95 Crore and 20 percent Quarter on Quarter from Rs 2,115.83 Crores.
Profitability increased due to higher realisations on crude oil and gas produced and sold by the company. In addition, output increased, benefiting both the top and bottom lines.
Along with the results, the board of directors of the company has also announced a second interim dividend. The company will pay a dividend of 100% of its face value of Rs 10 amounting to Rs 10 per share. For the purpose, the record date has been set as Wednesday, February 22nd, 2023.
Oil India Limited is a central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas which is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas.
In the past week, the shares of the company have gained approximately 9 percent and in the past six months it has zoomed by more than 25 percent.
The company has a market capitalization of Rs 26,085 Crore and a dividend yield of 5.93%. The President of India holds a 56.66 percent stake in the company while the Life Insurance Corporation of India holds 11.31 percent.
Written by Anoushka Roy
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