Oil India Q4 Results: Profit Drops On Lower Sales, Operating Costs
The state-run oil explorer and producer’s net profit fell 21.66% year-on-year to Rs 1,979 crore.
Oil India Ltd. reported a drop in profit for the fourth quarter of fiscal 2023, on account of higher operational costs and lower income from sales.
The state-run oil explorer and producer’s net profit fell 21.66% year-on-year to Rs 1,979 crore in the fourth quarter ended March 30, 2023, according to its exchange filing.
Oil India Q4 FY23 Highlights (YoY)
Revenue from operations dropped marginally by 1.15% to Rs 8,769.7 crore.
Operating profit, or Ebitda, fell by more than half or 60.64% YoY to Rs 1,507.4 crore, on higher cost of materials consumed. The cost of materials consumed was at Rs 1,664.9 crore, as compared with Rs 1,348.6 crore a year ago.
Operating margin fell sharply by 2,599 basis points in Q4 FY23 to 17.19%. The margin was at 43.18% in the same quarter last year.
Excise duty in Q4 FY23 was Rs 912.49 crore, against Rs 927.28 crore a year ago.
For FY23 the excise duty included the Special Additional Excise Duty of around Rs 1,906.4 crore, that was introduced by the government in July 2022, to safeguard against windfall profit made by companies.
Shares of Oil India closed 0.06% up on Wednesday, as compared with a 0.34% fall in the benchmark Sensex.