Oil India announces dividend alongwith Q4FY24 results, check details

The board of state-owned Oil India Ltd (OIL) has approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), according to a stock market disclosure.

"The Board has recommended a final dividend of Rs. 3.75 per equity share having a face value of Rs. 10/- each (pre-bonus), which translates into a final dividend of Rs. 2.50 per equity share having face value of Rs. 10/- each (post-bonus) for the financial year 2023-24, subject to the approval of the shareholders of the company," it said in a BSE filing.

The final dividend would be paid within 30 days from the date of declaration at the AGM. The final dividend 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 for the financial year 2023-24. The record date for payment of the final dividend will be fixed and intimated in due course.

Oil India Q4 results

The company has reported an 18 per cent rise in net profit in the March quarter on the back of higher prices of crude oil.

The consolidated net profit of Rs 2,332.94 crore in January-March -- the fourth quarter of the 2023-24 fiscal year -- compared with Rs 1,979.74 crore earnings in the same period of the previous financial year, according to a stock exchange filing by the nation's second-biggest state-owned oil and gas producer.

Earnings from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.

Meanwhile, shares of Oil India closed at Rs 646.3 each, up 1.05 per cent on Saturday, May 18 on BSE.

Also Read: Oil India Q4 earnings: Net profit rises 18%; announces 1:2 bonus share