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Oil and Natural Gas Corporation (ONGC) on Monday said its board has declared an interim dividend of 6.75 per equity share of face value of 5/- each i.e. @ 135 % for the financial year 2022-23 while also announcing its second quarter earnings for the current fiscal or Q2 FY23. Shares of ONGC were trading nearly 3% higher at 143 apiece on the BSE in Tuesday's early deals.

“It is hereby informed that the Board of Directors of the Company at its meeting held has declared interim dividend at the rate Rs. 6.75 per equity share of face value of Rs. 5/- each i.e. @ 135. % for the Financial Year 2022-23. As informed vide letter dated 09.11.2022, for determining eligibility of shareholders for payment of the said Interim Dividend Record date for the said interim dividend is Tuesday, the 22nd November, 2022. The dividend will be paid to the eligible shareholders on or before 13.12.2022," ONGC informed in an exchange filing. The total payout will be 8,492 crore, majority of it going to the government.

Meanwhile, the company reported 30% fall in net profit for September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices. ONGC's net profit came at 12,826 crore in July-September 2022-23 as compared with 18,347.7 crorein the same period a year back.

Its revenue was up over 57% to 38,321 crore during the quarter under review. The company's gross billing for crude oil it produced soared 37.7% to $95.49 per barrel in the quarter from $69.36 a barrel last year.

State-owned ONGC sells crude oil, which is refined at refineries to produce petrol, diesel and other petroleum products, at international benchmark rates which soared following Russian invasion of Ukraine. However, the government beginning July 1 brought a new tax to take away gains accruing from global energy price surge.

As per data by Trendlyne, ONGC has declared an equity dividend amounting to 10.50 per share in the past 12 months. At the current share price, this results in a dividend yield of 7.36%.

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