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Oil India Limited records highest ever net profit of over ₹3,887 crore in FY22

By Priyanka Verma 
Updated Date

New Delhi: State-owned Oil India records highest ever net profit 3,887.31 crore for the financial year FY22 – an increase of 123.20% from the profit of Rs 1741.59 crore in the previous fiscal. The company’s average crude oil price realisation improved significantly with a growth of 80% in FY22 to $78.96 per barrel against $43.98 per barrel of FY21.

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Additionally, the company has achieved the highest ever natural gas production of 3045 MMSCM in 2021-22, which is 15.25% higher than the previous year. Natural gas production in the fourth quarter of FY12 was 13.7% higher than the corresponding period of the previous year. It clocked a marginal rise in the average natural gas price for FY22 at $2.35 per MMBTU against $2.09 per MMBTU for fiscal 2020-21.

On Friday, Oil India shares closed on BSE 217.95 each, down 4.24%. Oil India Limited CMD SC Mishra told media that one of the reasons behind the record profit is high crude oil and gas prices.

Meanwhile, crude oil production during FY22 also increased by 1.60% to 3.01 MMT from 2.96 MMT in 2020-21. Crude oil production in Q4 2021-22 has increased by 4.2% over the corresponding period of last year.The turnover of Oil India during the financial year 2012 was Rs 14,530.18 crore which is the highest ever. Was on business in FY21 8,604.90 crore.

In Q4FY22, the company’s turnover and net profit have increased by 73.85% and 92.32% respectively as compared to the fourth quarter of the previous financial year. On Friday, the company’s board recommended a final dividend of ₹5 per share for FY22. The Company has earlier paid an interim dividend of ₹9.25 per share for FY22. The total dividend for the year will be Rs14.25 per share.

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