Oil India posts 18% rise in Q4 net profit; announces 1:2 bonus share

New Delhi: State-owned Oil India Ltd (OIL) on Monday reported an 18 per cent rise in net profit in the March quarter on the back of higher prices of crude oil.

The consolidated net profit of Rs 2,332.94 crore in January-March -- the fourth quarter of the 2023-24 fiscal year -- compared with Rs 1,979.74 crore earning in the same period of the previous financial year, according to a stock exchange filing by the nation's second biggest state-owned oil and gas producer.

Higher oil prices led to a 16 per cent rise in turnover to Rs 10,375.09 crore.

Earnings from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.

For the full 2023-24 fiscal (April 2023 to March 2024), net profit fell 29 per cent to Rs 6,980.45 crore.

OIL said its board approved issue a 1:2 bonus issue (one free share for every two held).

It also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for 2023-24 fiscal.

The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for the fiscal.