Shares of Oil India rose 3.8% to hit a 52-week high of 671.10 after the company’s net profit surged in the January to March period of 2024. The company’s consolidated net profit came in at Rs 2,332.94 crore in Q4 of FY24 against Rs 1,979.74 crore reported in Q4 of FY23.
However, Oil India’s net profit declined sequentially by 11% from Rs 2,607.66 crore reported in Q3 of FY24. Its revenue from operations stood at Rs 10,165.78 crore during the quarter, an increase of 16% on year from Rs 8,764.27 crore in Q4 of FY23.
Its total income came in at Rs 10,375.09 crore marking a rise of 16% from Rs 8,936.82 crore in Q4FY23.
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For the whole financial year, the company’s consolidated net profit declined significantly by 29% to Rs 6,980.45 crore. Also, the board of directors of the company has recommended the issuance of one bonus share for every two shares held, subject to the approval of shareholders.
The company’s shares in the last five days rose almost 4% and gave a return of over 9% in the past month. Oil India’s stock has raised investors’ wealth by 112% in the last six months and more than 253% in the last five years.
To compare, the benchmark index Nifty 50 has risen 1.8% in the last five days and 0.8% in the last month. The index has risen almost 14% in the last six months and 90% in the past five years.