Oil India Declares Second Interim Dividend Of Rs 7 Per Share
The state-owned oil exploration and production company reported a net profit of Rs 1,222 crore in the quarter ended Dec. 31.
Oil India Ltd.'s board of directors announced a second interim dividend of Rs 7 per share at a face value of Rs 10 apiece for financial year 2024–25.
The company has declared Feb. 17, 2025, as the record date to determine the shareholder eligible for the dividend. The second interim dividend will be paid on or before March 8, according to an exchange filing on Friday.
Previously, the public sector firm gave its first interim dividend of Rs 3 apiece.
Oil India experienced a decline in standalone net profit in the third quarter of the financial year. The state-owned oil exploration and production company reported a net profit of Rs 1,222 crore for the quarter ended Dec. 31, marking a 33.4% decrease from Rs 1,834 crore in the previous quarter.
Its revenue dropped 5.1% on a sequential basis to Rs 5,239.6 crore. This decrease was primarily due to an 8% reduction in sales within its crude oil segment.
After the quarterly results were declared, shares of Oil India closed 0.05% lower at Rs 424.80 apiece on the NSE, compared to a 0.18% fall in the benchmark Nifty 50. The stock has risen by 30.68% in the last 12 months.
Out of the 19 analysts tracking the company, 15 suggest a 'buy' rating on the stock, one maintains 'hold' and three recommend 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 46.6%.
