Oil India Limited (OIL) announced on Monday an 18% increase in net profit for the quarter ending March 31, 2024 (Q4FY24). According to a stock exchange filing, the company recorded an increase in profits as crude oil prices rose. The company posted a total net profit of Rs 2,332.94 crore in Q4FY24, compared to Rs 1,979.74 crore in the same period the previous year.

The board of the state-owned oil and gas firm has also recommended the issuance of bonus shares in a 1:2 ratio, which means one equity share of Rs 10 for every two existing equity shares of Rs 10, each fully paid up, subject to shareholder approval.

The board has also approved a final dividend of Rs 3.75 per equity share of Rs 10 (pre-bonus), equivalent to a final dividend of Rs 2.50 per share (post-bonus) for FY24. The final payment is in addition to the interim dividend of Rs 3.50 (pre-bonus) and the second interim dividend of Rs 8.50 (pre-bonus) paid this fiscal year.

The final dividend would be paid within 30 days after the date of declaration at the AGM, according to the company's regulatory filing. The record date for payment of the final dividend would be determined and communicated in due course.

Oil India Limited 

According to the company, higher oil prices resulted in a 16% increase in turnover to Rs 10,375.09 crore in Q4FY24 from Rs 8,936.82 crore in Q4FY23. Net profit for FY24 fell 29% to Rs 6,980.45 million.