Oil India share price: Shares of Oil India – a state-run oil exploration and production company – zoomed by 8.5 per cent on the BSE during Monday’s session on the back of robust December quarter earnings.

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The stock hit a nearly eight-month high of Rs 242.6 apiece today as compared to Friday’s closing of Rs 223.50 per share. The scrip is Rs 45 or 20 per cent away from its 52-week high of Rs 306 apiece.

Oil India: Q3 Results

The government-owned company reported its highest-ever quarterly net profit in the third quarter ended December 31 on the back of a rise in oil and natural gas prices.

Watch: Exclusive Conversation With Dr Ranjit Rath, CMD, Oil India

The net profit of Rs 1,746.10 crore in October-December of FY23 as compared with Rs 1,244.90 crore in the same period a year back, the company said in a statement.

The rise in profitability was helped by the higher realisation on crude oil and gas the firm produces and sells. Also, output increased, helping both topline and bottomline.

Oil India earned USD 88.33 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from USD 78.59 a barrel realisation in the year-ago period.

Oil India: Brokerages View

Motilal Oswal expects crude prices to remain elevated at $90 per barrel during FY23-FY25, amid ongoing geopolitical concerns and active production management by OPEC+.

The Brent crude oil price has cooled off to around $85 per barrel from its peak of $120 per barrel in June 2022.

Oil India: Second Interim Dividend

Oil India on Friday announced an interim dividend to its shareholders for the financial year 2022-23 (FY23) along with its October-December quarter earnings for the current fiscal.

“The Board of Directors declared a Second Interim Dividend of Rs 10/- per share (100% paid-up capital) for the financial year 2022-23. The interim dividend declared shall be paid on or before 12th March 2023.,” Oil India said in its results filing on February 3, 2023.

This is in addition to the first interim dividend of Rs 4.50 per share declared earlier. The total interim dividend paid during the year is Rs 14.50 per share.

Oil India has “fixed Wednesday, 22nd February 2023 as the Record Date for ascertaining the eligibility of shareholders for payment of Second interim Dividend 2022-23.”

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(With Agencies Inputs)