Oil India Shares Trade In Green Depsite 23.84% Dip In Yearly Profits

Oil India, one of the coveted Maharatna Central Public Sector Enterprises, published its quarterly results on May 20 through an exchange filing.

Profits Decline For the PSE

In the segment wise standalone results published, although the public-owned enterprise bettered its Q4 results, its yearly results have clearly diminished. When we look at the profits made (before tax), the numbers of March 2023 stand at Rs 2,524.42 crore, compared to Rs 2,338.33 crore in the previous quarter.

This meant a 7.95 per cent increase in its profits. Meanwhile, the crucial distinction appears in the yearly results. Here, as per the exchange filing, the standalone profit (before tax) stands at Rs 6,745.40 crore in March 2024, compared to Rs 8,857.04 crore in March 2023. There by exhibiting a decline of a massive 23.84 per cent.

Green Start For Oil India

The markets opened on Tuesday, May 21 in Green for Oil India, as the entity, that is listed on the NSE gained 0.80 per cent, in the early hours of the day's trading. The price of each individual piece of share stands at Rs 651.65 (09:43 IST). It is to be noted that the markets were not operational on account of voting in the city of Mumbai and surrounding areas on May 20.

The company has consolidated its fortunes on the market in the past one year, as its share prices have seen a growth of 144.90 per cent in this span.

However, the company, in another exchange filing, shared the news of a recommendation on dividends to its shareholders.

In a statement in the filing, Oil India said, "It is further informed that the Board has recommended a final dividend of Rs. 3.75 per equity share having face value of Rs. 10/- each (pre-bonus), which translates into final dividend of Rs. 2.50 per equity share having face value of Rs. 10/- each (post-bonus) for financial year 2023-24, subject to the approval of the shareholders of the Company".

Published on: Tuesday, May 21, 2024, 09:50 AM IST