Oil India Q4FY23 PAT down -17.7% yoy at Rs1,743 crore on account of lower crude prices
Oil India Ltd reported flat -1.15% fall in sales revenues for the March 2023 quarter on consolidated basis at Rs8,768 crore. Revenues were down sequentially by -17.1% on the back of weak crude price realizations. In terms of verticals, crude oil saw slightly lower sales as did refinery products on account of lower crude prices. However, for FY23 overall, the GRMs were sharply higher than FY22. Natural gas saw a surge in sales in the quarter on the back of more favourable pricing environment.
Let us turn to the operating profit performance of Oil India in the quarter. Operating profits of the crude oil business fell by over 30% on weak prices. While operating profits of natural gas were up nearly 10-foold, refinery products operating profits were also lower on weak crude prices. Inventory efficiency losses were sharply higher in the quarter which impacted the operating performance of the company.
Financial highlights for Mar-23 compared yoy and sequentially
| Oil India | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
| Total Income (Rs cr) | ₹ 8,768 | ₹ 8,870 | -1.15% | ₹ 10,581 | -17.13% |
| Operating Profit (Rs cr) | ₹ 3,484 | ₹ 3,558 | -2.07% | ₹ 3,743 | -6.90% |
| Net Profit (Rs cr) | ₹ 1,743 | ₹ 2,118 | -17.70% | ₹ 2,284 | -23.71% |
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| Diluted EPS (Rs) | ₹ 16.07 | ₹ 19.53 |
| ₹ 21.07 |
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| OPM | 39.74% | 40.11% |
| 35.37% |
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| Net Margins | 19.88% | 23.88% |
| 21.59% |
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For Q4FY23, the operating profits fell marginally but net profits were lower by 17.7%. Operating margins tapered by about 37 bps to 39.74% while the net margins fell by 400 bps to 19.88% in the fourth quarter. The refinery products business of Oil India reflects the acquisition of Numaligarh Refinery. The company declared final dividend of Rs5.50 per share in addition to Rs14.50 per share already declared as interim dividend.