Oil India board approves Rs 17.38 bn investment in NE gas distribution

06 Sep 2023 CW Team

Oil India (OIL) announced that it had obtained board approval for its equity investment in the joint venture company, the North East Gas Distribution Company (NEGDCL), established in collaboration with Assam Gas Company (AGCL). The approved investment amount is up to Rs 17.38 billion.

This strategic investment aligns with Oil India's 49% shareholding in NEGDCL, marking a significant advancement in the execution of city gas distribution (CGD) projects.

The board of directors of Oil India convened a meeting to discuss the equity contribution and unanimously approved the allocation of funds.

In the June quarter, Oil India reported a 4% increase in net profit due to increased production, which offset a decline in prices. The company stated that in the first quarter of the current fiscal year, it achieved a net profit of Rs 16.13 billion, compared to Rs 15.55 billion in the same period the previous year.

According to the company's statement, this growth was driven by a 5.3% increase in crude oil production, reaching 0.820 million tonnes in Q1 of FY24, compared to 0.729 million tonnes produced in Q1 of the previous fiscal year. This increase was accompanied by reduced operating costs.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin for the period ending June 30, 2023, rose to 53.49%, compared to 44.76% in the same period last year, reflecting a 19.51% increase.

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