State-run Oil India Ltd (OIL) has posted an increase in net profit for the fourth quarter of the financial year 2017-18 ended on March 31 to Rs 8.66 billion on the back of better crude realisation. The net profit for the same quarter in 2016-17 was Rs 193.1 million.
Meanwhile, the company's total income from operations saw a 14 per cent increase from Rs 33.08 billion during the fourth quarter of 2016-17 to Rs 37.84 billion during the same time in 2017-18. During the period under review, the company's net realization zoomed to $64.93 a barrel as against $52.5 a barrel in the Q4 of 2016-17.
On the other hand, during the financial year 2017-18, the company has posted a 72 per cent rise in net profit to Rs 26.67 billion, compared to Rs 15.48 billion during the same time last year. Net realization for the company also increased from $47.36 a barrel in 2016-17 to $55.72 a barrel in 2017-18 on the back of rising international prices. The total income from operations during the financial year also increased 8 per cent to Rs 121.4 billion in 2017-18 as against Rs 111.91 billion in 2016-17.
During the financial year, the company's crude oil production increased marginally to 3.39 million tonne (MT), while the production during 2016-17 was seen at 3.27 MT.
On the other hand, natural gas production during the year dropped to 2.89 billion cubic meter (bcm) during the fiscal under review versus 2.93 bcm the previous financial year.
“The company has proposed final dividend of Rs 1 per share for FY 2017-18 on post bonus equity share capital. This is in addition to interim dividend of Rs 14 per share paid earlier on pre-bonus equity share capital," OIL said in a statement today.