State-owned Oil India Ltd (OIL) on Monday reported an 18 per cent increase in net profit for the March quarter, driven by higher crude oil prices.

The company, India’s second-largest state-owned oil and gas producer, posted a consolidated net profit of ₹2,332.94 crore for the January-March period. This compares with ₹1,979.74 crore in the same period of the previous year.

The rise in crude oil prices contributed to a 16 per cent increase in turnover, which reached ₹10,375.09 crore.

Earnings from crude oil produced and sold rose 18 per cent, while earnings from gas fell 16.5 per cent because of lower prices.

For the whole of 2023-24, OIL reported a fall in net profit of 29 per cent, amounting to ₹6,980.45 crore.

OIL’s board has approved a 1:2 bonus issue, granting one free share for every two shares held. Additionally, the board approved a final dividend of ₹3.75 per equity share of ₹10 each (pre-bonus), translating into a final dividend of ₹2.50 per share (post-bonus) for the 2023-24 fiscal year.

This final dividend is in addition to an interim dividend of ₹3.50 (pre-bonus) and a second interim dividend of ₹8.50 (pre-bonus) already paid during the fiscal year.

SAIL net falls 2.8%

Steel Authority of India Ltd (SAIL) on Monday reported a marginal 2.8 per cent fall in consolidated net profit to ₹1,126.68 crore during the March quarter because of higher raw material prices. It had posted a ₹1,159.21-crore net profit in the year-ago period.

Revenue from operations also fell to ₹27,958.52 crore from ₹29,130.66 crore in the March quarter of FY23.

The fall in profit and revenues was coupled with high cost of raw materials in the fourth quarter of FY24 at ₹15,130 crore, up from ₹14,828.04 crore a year ago. Total expenses were lower at ₹26,473.86 crore against ₹28,088.17 crore a year ago.

For the full year, SAIL saw its net profit growing to ₹3,066.67 crore from ₹2,176.53 crore in FY23.

“The revenue from operations for the company has been the highest ever during FY24. This was the third consecutive year when the revenues crossed the coveted level of ₹1,00,000 crore,” a company statement said.

The board of the company has also approved a final dividend of Re 1 for FY24.

SAIL chairman Amarendu Prakash said, “We have been taking various initiatives towards increasing volumes, adding value-added products to our product basket and improving efficiency level.”