ONGC Declares Results for FY 2023/Highest Ever Dividend of 225 % for FY 23

State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a 53 percent year-on-year (YoY) decline in consolidated net profit at Rs 5,701 crore for the fourth quarter that ended March 31, 2023.In the corresponding quarter last year, the company posted a net profit of Rs 12,061 crore.In the March quarter, revenue from operations stood at Rs 1.64 lakh crore during the period under review, up 5 percent against Rs 1.55 lakh crore in the corresponding period of the preceding fiscal.On a standalone basis, ONGC reported a net loss of Rs 247.7 crore during the March quarter, compared with a profit of Rs 8,860 crore in the same quarter last year.

The company said it has reviewed the entire issue of disputed service tax and GST on royalty and has decided to make a provision towards these disputed taxes. Accordingly, during the quarter and year ended March 31, 2023, the company has provided Rs 12,107 crore towards disputed taxes of ST/GST on royalty for the period from April 1, 2016, to March 31, 2023, together with interest thereon, it said.

It also registered a PAT of Rs 1,700 crore in FY23, as against a PAT of Rs 1,589 crore in FY22. The company has achieved a turnover of Rs 11,676 crore during FY23 against a turnover of Rs 17,322 crore during FY22.

ONGC has declared a total of 8 discoveries (5 on land and 3 offshore) during FY 2022-23 in its operated acreages. Out of these, 3 (2 on land and 1 offshore) are prospects and 5 (3 on land and 2 offshore) are pools.

The total dividend for FY23 would be 225 percent (Rs 11.25 per share of face value Rs 5 each) with a total payout of Rs 14,153 crore. This includes an interim dividend of 215 percent (Rs 10.75 per share) already paid during the year and a final dividend of 10 percent (Rs 0.50 per share) recommended by the board.