OIL registers record net profit on oil price surge

New Delhi: State-owned Oil India Ltd on Friday reported its highest-ever quarterly net profit in the three months to March as it got nearly $100 per barrel price for oil produced and sold.

Net profit at Rs 1,630.01 crore in January-March was almost double of Rs 847.56 crore profit in the same period of last year, OIL Director (Finance) Harish Madhav told reporters here.

This is because the firm got $98.08 for every barrel of crude oil produced and sold in the fourth quarter of fiscal 2022, as compared to $59.80 a barrel realisation a year back.

For the full 2021-22 fiscal (April 2021 to March 2022) as well, the firm reported its highest-ever profit of Rs 3,887.31 crore, or Rs 35.85 per share, up from Rs 1,741.59 crore, or Rs 16.06 a share, in the previous financial year.

Turnover rose 27 per cent in Q4 to Rs 4,972.91 crore and by 55 per cent in FY22 to Rs 16,427.65 crore.

"This is the highest-ever quarterly and annual net profit as well as highest-ever quarterly and annual turnover," he said.

The nation's second-biggest state oil and gas explorer got $2.35 per million British thermal unit gas price in 2021-22, as against $2.09 per mmBtu in 2020-21.

He said the company achieved the highest-ever natural gas production of 3.04 billion cubic metres in 2021-22, an increase of 15.25 per cent over last year. Natural gas production in Q4 of 2021-22 was also higher by 13.1 per cent over the corresponding period last year.

Crude oil production during 2021-22 increased by 1.6 per cent to 3.01 million tonnes. In Q4, oil output increased by 4.2 per cent year-on-year.

The firm made two new hydrocarbon discoveries in the year in the Tinsukia district of Assam.

The board of the company recommended a final dividend of Rs 5 per share for FY22.