Oil India’s shares rose 8.5% to an eight-month high of Rs 242 a share in intraday trade on Monday after the company posted its highest quarterly profit of Rs 1,746.1 crore from Rs 1,244.9 crore in the same period last year for the October-December quarter (Q3FY23).

The state-owned company’s total revenue rose 27% year-on-year to Rs 5,981 crore in Q3FY23 from Rs 4,705 crore in Q3FY22. Meanwhile, total expenses for the quarter rose 18.1% year-on-year to Rs 3,678 crore.

With today’s gains, Indian Oil shares have returned 1.6% this fiscal year (FY23). In addition, Indian Oil has soared 26% over the past six months, while the S&P BSE Sensex has gained 3%. The stock touched a 52-week high of Rs 306 per share on June 9, 2022.

Management said that a better pricing mix combined with higher crude and natural gas production helped the company record its highest-ever profitability in the fiscal third quarter. Also, Q3FY23 turnover grew 27.13% YoY to Rs 5,879.4 crore.

Ebitda’s margin widened to 49.4% from 47.52% in Q3FY22 despite a 32% YoY increase in Ebitda to Rs 2,957.4 crore in Q3FY23.

That said, the board has declared a second interim dividend of Rs 10 per share in addition to the Rs 4.5 per share announced earlier. Hence, the total interim dividend for the year is Rs 14.5 per share.