<p>New Delhi: State-owned Oil India Ltd (OIL) on Monday reported an 18 per cent rise in net profit in the March quarter on the back of higher prices of crude oil.</p>.<p>The consolidated net profit of Rs 2,332.94 crore in January-March—the fourth quarter of the 2023-24 fiscal year—compared with Rs 1,979.74 crore earning in the same period of the previous financial year, according to a stock exchange filing by the nation's second biggest state-owned oil and gas producer.</p>.Oil steadies after death of Iran's president, Saudi king's ill health.<p>Higher oil prices led to a 16 per cent rise in turnover to Rs 10,375.09 crore.</p>.<p>Earnings from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.</p>.<p>For the full 2023-24 fiscal (April 2023 to March 2024), net profit fell 29 per cent to Rs 6,980.45 crore.</p>.<p> OIL said its board approved issue a 1:2 bonus issue (one free share for every two held).</p>.<p>It also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for 2023-24 fiscal.</p>.<p>The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for the fiscal. </p>
<p>New Delhi: State-owned Oil India Ltd (OIL) on Monday reported an 18 per cent rise in net profit in the March quarter on the back of higher prices of crude oil.</p>.<p>The consolidated net profit of Rs 2,332.94 crore in January-March—the fourth quarter of the 2023-24 fiscal year—compared with Rs 1,979.74 crore earning in the same period of the previous financial year, according to a stock exchange filing by the nation's second biggest state-owned oil and gas producer.</p>.Oil steadies after death of Iran's president, Saudi king's ill health.<p>Higher oil prices led to a 16 per cent rise in turnover to Rs 10,375.09 crore.</p>.<p>Earnings from crude oil produced and sold rose 18 per cent but the same from gas dropped 16.5 per cent on lower prices.</p>.<p>For the full 2023-24 fiscal (April 2023 to March 2024), net profit fell 29 per cent to Rs 6,980.45 crore.</p>.<p> OIL said its board approved issue a 1:2 bonus issue (one free share for every two held).</p>.<p>It also approved a final dividend of Rs 3.75 per equity share of Rs 10 each (pre-bonus), which translates into final dividend of Rs 2.50 per share (post-bonus) for 2023-24 fiscal.</p>.<p>The final dividend is in addition to the interim dividend of Rs 3.50 (pre-bonus) and second interim dividend of Rs 8.50 (pre-bonus) paid for the fiscal. </p>