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.
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)
