State-owned Oil India said on Wednesday (February 28) that its board would meet on Friday, March 8, 2024, to consider and declare a second interim dividend for the current financial year 2023–24.
"Notice is hereby given that a Board Meeting of the Company has been scheduled on Friday, 08th March 2024, inter-alia to consider and declare Second Interim Dividend for Financial Year 2023-24, if any," the public sector undertaking (PSU) said in a regulatory filing.
Oil India reported its highest-ever quarterly net profit in the third quarter ended December 31 on the back of a rise in oil and natural gas prices. Net profit of ₹1,746.10 crore, or ₹ 16.10 per share, in October-December compared with ₹1,244.90 crore or ₹11.48 a share, in the same period a year back, the company said in a statement.
The rise in profitability was helped by the higher realisation on crude oil and gas the firm produces and sells. Also, output increased, helping both the topline and bottom line.
Oil India earned $88.33 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from $78.59 per barrel realisation in the year-ago period. Crude oil is refined at refineries to produce fuels such as petrol and diesel.
Prices of natural gas, which is used as fuel to produce electricity, make fertilisers and converted into CNG for use in automobiles, rose to $8.57 per million British thermal units from $6.10. The firm produced 0.81 million tonne of crude oil in October–December, up from 0.75 million tonne a year back.
Gas output also increased from 0.79 billion cubic metres to 0.8 bcm. It sold 1.41 million tonnes of oil and oil equivalent gas in the quarter as opposed to sales of 1.35 million tonne a year back. The highest-ever profit was "on strength of better pricing and higher output of crude oil and natural gas," the company said.
Shares of Oil India Ltd ended at ₹567.30, down by ₹7.85, or 1.36% on the BSE.
(Edited by : Ajay Vaishnav)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP's Hindi heartland dominance faces test in phase 3 polls
May 2, 2024 9:14 PM
Lok Sabha Election: Re-elections at a Ajmer booth after presiding officer misplaces register of voters
May 2, 2024 4:54 PM