Oil India Q4 Results Soar: Share Price Up with Dividend and Bonus Announced!

Oil India declared a 1:2 bonus share issue and a final FY24 dividend of Rs 3.75 per share in their board meeting, following robust Q4 results. Payments are due post-AGM.
Oil India Q4 Results Soar Share Price Up with Dividend and Bonus Announced!

Oil India announced in a recent board meeting that they will be issuing bonus shares at a 1:2 ratio. Additionally, the company declared a final FY24 dividend of Rs 3.75 per share, with final payments set within 30 days post-AGM. This move follows their impressive Q4 results.

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In the fiscal quarter ending March 31, 2024, Oil India’s total income rose to Rs 10,375 crore from Rs 8,936.82 crore in the same quarter last year. Their net profit for FY24 was reported at Rs 2,332.94 crore, up from Rs 1,979.74 crore, highlighting strong financial performance.

The company’s market presence has strengthened, with the Oil India share price reaching Rs 646.30, marking a 1.05% increase on May 18. The current market cap is valued at Rs 70,085 crore, and the PE ratio stands at 13.20.

For shareholders, the bonus shares’ record date is set for July 2, 2024, with distribution completion by July 18. The cost of issuing these shares is projected at Rs 542.20 crore, a significant investment back into shareholder value.

Alongside the bonus issue, Oil India plans to adjust the dividend payout to Rs 2.50 per share post-bonus. This final dividend complements the interim and second interim dividends of Rs 3.50 and Rs 8.50 respectively, for the fiscal year 2023-24.

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