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Oil India Limited (OIL) has reported a 17 per cent increase in consolidated net profit at Rs 2332.94 crore in the Jan-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 1,979.74 crore in the same period of 2022-23.

The upstream oil exploration and production company has registered revenue from operations at Rs 10,166 crore, up around 16 per cent from the same quarter last year.

Oil India’s Board of Directors have recommended the issue of bonus shares in the ratio of 1:2 which is one equity share of Rs 10 each for every two existing equity shares of Rs 10, each fully paid up subject to the approval of the company’s shareholders, the oil major said.