ONGC Declares Results for FY 2023/Highest Ever Dividend of 225 % for FY 23
![ONGC Declares Results for FY 2023/Highest Ever Dividend of 225 % for FY 23](https://nationalheraldnews.com/wp-content/uploads/2023/05/o-1400x800.jpg)
by Prashant Kapadia/NHN
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.
![](http://nationalheraldnews.com/wp-content/uploads/2023/05/o-300x300.jpg)
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.