Oil India Ltd.'s consolidated net profit rose 28% in the fourth quarter of the financial year 2024, beating analysts' estimates.
The state-run crude oil producer's profit increased 28% sequentially to Rs 2,029 crore in the quarter ended March 2024, according to an exchange filing on Monday. Bloomberg analysts' consensus estimates were Rs 1,672 crore.
The company's board approved a dividend of Rs 3.75 per equity share for financial year 2024. The board also recommended a bonus share issue in the ratio of 1:2. The record date set for the same is July 22.
Oil India Q4FY24 Highlights (Consolidated, QoQ)
Revenue fell 1% to Rs 5,527 crore (Bloomberg estimate: Rs 6,171.6 crore).
Ebitda or operating profit, rose 11% to Rs 2,336 crore (Bloomberg estimate: Rs 2469.30 crore).
Ebitda margin expands to 42.3
%versus 39.6% (Bloomberg estimate: 40%).Net profit rose 28% to Rs 2,029 crore (Bloomberg estimate: Rs 1,672 crore).
Segment Wise Revenues
Oil India's revenue fell 1% sequentially on the back of lower revenues from the crude oil and natural gas segments, which fell 0.95% and 5.41% quarter-on-quarter, respectively.
The renewable energy and liquified petroleum gas segments posted the highest growth of 107% and 25.75%, respectively. However, this growth was mainly due to a lower base when compared to the crude oil and natural gas segments.
Production
Oil India's crude oil production rose 5.76% on an annual basis at 3.359 million metric tonne.
The company also achieved its highest ever natural gas production of 3.182 billion cubic meters in FY24.
Oil India also drilled 61 wells during fiscal 2024, stated the company in its press release.
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