New Delhi: Due to the increase in oil prices in the country, there is a strong increase in the profits of state-owned oil company Oil India. Public sector oil company Oil India Limited (OIL)’s net profit almost doubled to Rs 1,630.01 crore in the fourth quarter of FY 2021-22.
Due to the high rate of oil, the company has earned the highest net profit so far in January-March compared to any quarter. IL Director (Finance) Harish Madhav gave this information in a conversation with reporters on Friday. In the last quarter of the last financial year 2020-21, the company’s net profit was Rs 847.56 crore.
Record-breaking profit
At the same time, the company’s net profit for the entire financial year 2021-22 also increased to Rs 3,887.31 crore. This is the highest ever net profit of the company in any financial year. In the financial year 2020-21, the company had earned a net profit of Rs 1,741.59 crore.
The company’s business grew by 27 percent to Rs 4,972.91 crore in the fourth quarter of 2021-22. Whereas in the entire financial year 2021-22, it increased by 55 percent to Rs 16,427.65 crore.
Declaration of dividend
The board of directors of OIL has recommended a dividend of Rs 5 per share for the financial year 2021-22. Earlier in the same financial year, the Board of Directors had paid an interim dividend of Rs 9.25 per share. The total dividend on this basis is Rs 14.25 per share.
Let us tell you that earlier this year, due to the assembly elections in many states, the prices of petrol and diesel were stable in the country. Then from March, the prices of petrol and diesel started increasing. With an increase of 80-80 paise per day, the price of petrol and diesel increased by about Rs 10 between March and April. After this, petrol and diesel were running at the same rate. In view of rising inflation, the government has reduced the excise duty on petrol and diesel only last week. Due to this petrol became cheaper by about Rs 9.50 and diesel by Rs 7.50.
