Oil India Ltd shares gained eight percent in morning trade on Monday after the company reported a record profit in the December quarter on better pricing and higher production. The oil PSU, after market hours on Friday, reported a net profit of Rs 1,746.10 crore compared to Rs 1,244.90 crore in the corresponding period a year ago.

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Despite windfall taxes levied by the government, Oil India earned $88.33 for every barrel of crude oil it produced and sold in the third quarter of the current financial year. This is higher from $78.59 a barrel realisation in the year-ago period.

Revenue increased by over 27 percent to Rs 5,879.41 crore in the third quarter of FY23 compared to Rs 3,736.70 crore a year ago.

EBITDA also improved by 32 percent Y-o-Y to Rs 2,957.47 crore in Q3 of FY23 from Rs 2,235.72 crore a year ago. The EBITDA margins were higher at 49.44 percent in the third quarter against 47.52 percent a year ago.

Oil India also announced an interim dividend to its shareholders for the financial year 2023 along with its October-December quarter earnings for the current fiscal. This is in addition to the first interim dividend of Rs 4.50 per share declared earlier. The total interim dividend paid during the year is Rs 14.50 per share.

In its results filing on February 3, 2023, Oil India said, "The Board of Directors declared a Second Interim Dividend of Rs 10/- per share (100% paid-up capital) for the financial year 2022-23. The interim dividend declared shall be paid on or before 12th March 2023."