Oil India Ltd (OIL) on Monday reported an 18 per cent rise in its consolidated net profit to Rs 2,332.94 crore for the fourth quarter ended March 2024, on the back of higher prices of crude oil. The state-owned oil and gas producer also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for 2023-24 fiscal.

Its net profit had stood at Rs 1,979.74 crore in the same corresponding quarter last year, according to a regulatory filing.

Higher oil prices led to a 16 per cent rise in turnover to Rs 10,375.09 crore. Earnings of the country’s second-biggest state-owned oil and gas producer. from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.

For the full 2023-24 fiscal (April 2023 to March 2024), net profit fell 29 per cent to Rs 6,980.45 crore. OIL said its board approved issue a 1:2 bonus issue (one free share for every two held).

It also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for 2023-24 fiscal. The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for the fiscal.