Oil India’s stock price reached a 52-week high of 671.10, increasing by 3.8%, following the release of strong Q4 results. The company’s consolidated net profit for the January to March period of 2024 was Rs 2,332.94 crore, a significant increase from Rs 1,979.74 crore in the same period of FY23.
However, there was a sequential decline of 11% in Oil India’s net profit from Rs 2,607.66 crore in Q3 of FY24. Despite this, the company’s revenue from operations saw a 16% year-on-year increase, reaching Rs 10,165.78 crore in Q4 of FY24 compared to Rs 8,764.27 crore in Q4 of FY23.
Oil India’s total income also rose by 16% to Rs 10,375.09 crore in Q4FY24, compared to Rs 8,936.82 crore in Q4FY23.
For the entire financial year, the company’s consolidated net profit declined by 29% to Rs 6,980.45 crore. Additionally, the board of directors has recommended the issuance of one bonus share for every two shares held, pending shareholder approval.
In the past five days, the company’s shares have experienced a nearly 4% increase, resulting in a return of over 9% in the last month. Over the past six months, Oil India’s stock has significantly boosted investors’ wealth by 112%, and it has yielded a remarkable 253% return in the past five years.
In comparison, the benchmark index Nifty 50 has seen a 1.8% rise in the last five days and a 0.8% increase in the last month. Over the past six months, the index has grown by approximately 14%, and it has recorded a substantial 90% increase in the past five years.