In November, Oil India announced the first interim dividend for FY24 of Rs 3.5 for each share.
Oil India, a prominent central public sector undertaking, has disclosed plans for its upcoming board meeting on March 8.
The primary agenda of this meeting is to deliberate on the declaration of a second interim dividend for the fiscal year 2023-24.
This announcement, made through a regulatory filing, signifies the company’s commitment to providing returns to its shareholders.
If approved by the board, the dividend will be announced on the same date, building upon the first interim dividend of Rs 3.5 per equity share declared in November for FY24.
Steady Quarterly Results and Financial Performance
In its quarterly report for the October-December period, Oil India showcased robust financial performance, with a noteworthy increase in net profit to Rs 1,584.3 crore.
This marked a substantial improvement compared to the preceding quarter, indicating the company’s resilience amid challenging market conditions.
Despite a marginal decline in revenue from operations to Rs 5,323.7 crore, Oil India’s profitability remained strong.
However, the earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a sequential decrease of 15.4 percent to Rs 2,105.7 crore.
Strategic Initiatives and Global Partner Roadshow
Oil India recently announced its inaugural global partner roadshow, titled “Confluence: Where Energy and Opportunity Converge”, scheduled to take place in Abu Dhabi on February 28.
This initiative aims to facilitate collaborations with leading global energy majors, reflecting the company’s proactive approach to exploring new growth opportunities.
Furthermore, Oil India has set ambitious targets for the future, including achieving 4 MMT oil production and 5 BCM gas production by 2025-26.
Focus on Shareholder Value and Market Position
Despite experiencing a slight decline in its scrip value during the trading session on February 28, Oil India remains steadfast in its commitment to enhancing shareholder value and strengthening its position in the energy sector.
The company’s decision to consider a second interim dividend underscores its financial stability and confidence in its operational performance.
As Oil India continues to navigate evolving market dynamics, it remains dedicated to driving sustainable growth and delivering value to its stakeholders.
