Guwahati: Oil India reports its highest-ever net profit of Rs3,887.31 crore for the fiscal year FY22, up 123.20 percent over the previous year's profit of Rs1741.59 crore. The company's average crude oil price realisation increased by 80 percent in FY22 to $78.96 per barrel, up from $43.98 per barrel in FY21.

The average natural gas price for FY22 was $2.35 per MMBTU, compared to $2.09 per MMBTU in fiscal 2020-21. Furthermore, the corporation has reached the greatest ever natural gas output of 3045 MMSCM in 2021-22, a 15.25 percent increase over the previous year. Natural gas output increased by 13.7 percent in Q4 of FY22 compared to the same period previous year. Meanwhile, crude oil output grew by 1.60 percent in FY22 to 3.01 MMT, up from 2.96 MMT in 2020-21. Crude oil output increased by 4.2 percent in Q4 2021-22 compared to the same period last year.

During FY22, Oil India's revenue was Rs14,530.18 crore, the highest ever. The revenue in FY21 was Rs. 8,604.90 crore.

The company's turnover and net profit grew by 73.85 percent and 92.32 percent, respectively, in Q4FY22 compared to Q4 of the previous fiscal year.

The company's board of directors proposed a final dividend of $5 per share for fiscal year 22 on Friday. The company previously paid an interim dividend of $9.25 per share for fiscal year 22. The total annual dividend would be Rs 14.25 per share. High crude oil and gas prices, according to SC Mishra, CMD of Oil India Limited, are one of the reasons for the record profit.