Oil India records highest ever profit in 2021-22 due to high fuel, gas prices

 Oil India Limited (OIL) has posted a net profit of Rs 3,887.31 crore for the year ended March 2022, which is 123.20 per cent higher when compared with Rs 1741.59 crore profit recorded in the previous year.  Talking to ANI, SC Mishra, CMD, Oil India Limited, said that one of the reasons behind the record profit is high crude oil and gas prices. Mishra said that 8 billion Rubles of dividend from Russian projects is stuck due to the war between Russia and Ukraine.  There is no aggressive plan to buy Russian projects as the government is reviewing the investment prospects in Russia, he said.  Talking about the crude oil price outlook, Mishra said oil prices are expected to come down to $80-90 in some time.  Oil India’s turnover of Rs14,530.18 crore during 2021-22 is also the highest ever. The turnover during 2020-21 was Rs 8,604.90 crore.  For Q4 2021-22 also, the Turnover and PAT have increased by 73.85 per cent and 92.32 per cent, respectively over Q4 last financial year. The Earnings Per Share (EPS) for FY22 increased to Rs 35.85/share from Rs 16.06/share for FY 21.  The consolidated turnover of OIL’s group companies has increased to Rs 30,011.20 crore in 2021-22 from Rs 22,484.13 crore in the last financial year.  Group PAT of OIL for the year 2021-22 also increased to Rs 6,719.21 crore from Rs 4,145.97 crore in 2020-21.  Average crude oil price realisation for 2021-22 improved to US$ 78.96/ barrel from USD 43.98/ barrel in 2020-21, an increase of about 80 per cent.  The average natural gas price for 2021-22 was marginally higher at USD 2.35/ MMBTU vis-a-vis USD 2.09/ MMBTU for 2020-21.  The company has achieved the highest ever natural gas production of 3045 MMSCM in 2021-22, an increase of 15.25 per cent over last year. Natural gas production in Q4 of 2021-22 was also higher by 13.1 per cent over the corresponding period last year.  Crude oil production during 2021-22 also increased by 1.6 per cent, from 2.96 MMT in 2020-21 to 3.01 MMT in 2021-22. The growth in crude oil production in Q4 2021-22 is 4.2 per cent over the corresponding period last year.  Two new hydrocarbon discoveries were made during 2021-22 in Tinsukia district of Assam.The Board has recommended a final dividend of Rs.5/share for FY22. The Company has earlier paid an interim dividend of Rs.9.25/share for FY 22. The total dividend for the year will be Rs14.25/ share.  Mishra said that four major infrastructure projects were also commissioned in the State of Assam during 2021-22 which will further enhance the oil and gas production capabilities of the company.  The Company is currently drilling its deepest onshore well at Sadiya in Assam which will be about 6500 M deep.