In a remarkable display of operational excellence, Oil India Limited, the nation’s youngest Maharatna CPSE, has announced a historic achievement in its financial results for FY 2023-24. The company’s strategic initiatives have culminated in the highest ever combined Oil and Gas production (O+OEG) of 6.54 MMTOE, propelling it to unprecedented heights of success.
The 554th meeting of the Board of Directors, held on May 20, 2024, was a testament to the company’s robust performance, with an EBIDTA reaching a staggering ₹ 11,643.30 crore for FY24. This fiscal year also saw Oil India recording the highest-ever Profit After Tax (PAT) for Q4 at ₹ 2,028.83 crore, marking a significant increase of 13.45% over the previous year’s Q4.
Despite a slight decrease in the annual PAT to ₹ 5,551.85 crore from ₹ 6,810.40 crore in FY 2022-23, due to statutory compliance provisions, the company’s growth narrative remains strong. Oil India has been relentless in its pursuit of the nation’s energy security, achieving a 6% year-over-year increase in crude oil production in Q4 FY24, with an overall annual increase of 5.76% to 3.359 MMT.
The company’s commitment to innovation and efficiency is further evidenced by the highest ever natural gas production of 3.182 BCM during the year, along with a record-breaking drilling of 61 wells in FY 23-24, surpassing all previous records since its inception.
In a move that underscores its financial strength and shareholder value, the Board has recommended the issuance of bonus shares in a 1:2 ratio, alongside a generous final dividend of ₹ 3.75 per equity share (pre-bonus), translating to ₹ 2.50 per equity share (post-bonus). This is in addition to the first and second interim dividends of ₹3.50 per equity share, marking a triumphant conclusion to a year of outstanding achievements.
Oil India’s journey through FY24 has been one of strategic growth, operational resilience, and a steadfast commitment to powering the nation’s progress. With these record-breaking results, the company is poised to continue its trajectory of excellence in the years to come.