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- Oil India experienced a 10% sequential decline in consolidated net profit in Q4FY24, totaling ₹2332.94 crore, though marking a 17% increase year-over-year.
- The company’s revenue from operations rose by approximately 16% year-over-year to ₹10,166 crore.
- “This fiscal year has been transformative for Oil India, with record production levels and strategic operational enhancements,” stated the CEO in the earnings report.
Oil India announces a 1:2 bonus share issue and a final dividend, reflecting strong FY24 performance and future confidence.
Financial Performance and Strategic Decisions
Despite the sequential profit dip, Oil India’s annual financial metrics show significant improvement, with an EBITDA increase to ₹11,643.30 crore, driven by highest-ever oil and gas production.
Operational Achievements and Future Outlook
With a 5.76% increase in crude oil production and the drilling of a record 61 wells, Oil India is poised for robust growth, underpinned by strategic expansions and operational efficiency.
Conclusion
Oil India’s strategic initiatives and solid financial performance in FY24 lay a strong foundation for sustained growth, promising enhanced shareholder value through dividends and bonus shares.
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