DIBRUGARH, May 27 - Riding a higher turnover and increased ancillary income during the just concluded financial year, Oil India Limited (OIL) on Monday declared its annual financial results, where incomes have gone up, and so have profits. For the employees, the company has earmarked Rs 1,026.79 crore from its reserves, which will go out as retirement benefits under the new Employees� Provident Fund guidelines under a scheme called EPS95, which has been ordered to be made effective by the courts. OIL�s 2018-19 total income stands at Rs 15,170 crore, against Rs 12,140 crore in 2017-18.
The Navaratna company has achieved a Profit After Tax of Rs 2,590.14 crore in 2018-19, against Rs 2,667.93 crore in 2017-18. This is Rs 77.79 crore less in 2018-19, which is basically due to the provisioning for employees� retirement benefits, and also due to roller coaster crude oil prices in the international markets. Crude oil price realisation increased by $12.78 per barrel to $68.5 per barrel in 2018-19, compared to an average of $55.72 per barrel during 2017-18. During the fourth quarter of 2018-19, international crude oil prices for OIL output averaged $61.76 per barrel. In Rupee terms, the increased prices of crude oil in 2018-19 stood at Rs 4,789.52 per barrel, up by 33.37 per cent from the previous year�s price of Rs 3,591.15 per barrel.
On Monday, the Board of Directors of OIL declared a final dividend of Rs 1.75 per share for 2018-19. This is in addition to the interim dividend of Rs 8.50 per share, which was paid earlier, on pre-buyback shares.