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Business News/ Markets / Stock Markets/  ONGC Q4 Results: Cons PAT falls 53% to 5,701 crore, revenue up 5%; dividend declared
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ONGC Q4 Results: Cons PAT falls 53% to ₹5,701 crore, revenue up 5%; dividend declared

The state-run petroleum giant's revenue from operations during the January-March quarter stood at ₹164,066.72 crore, registering a growth of five per cent, compared to ₹155,946.99 crore in the year-ago period.

ONGC results: Oil and Natural Gas Corporation (ONGC) posted a net loss of ₹247 crore in the March quarter. (File Photo) (HT_PRINT)Premium
ONGC results: Oil and Natural Gas Corporation (ONGC) posted a net loss of 247 crore in the March quarter. (File Photo) (HT_PRINT)

Oil and Natural Gas Corporation (ONGC) announced its Q4FY23 results on May 26, reporting a consolidated net profit of 5,701 crore, down 53 per cent, compared to 12,061 crore in the corresponding period last year. The state-run petroleum giant's revenue from operations during the January-March quarter stood at 164,066.72 crore, registering a growth of five per cent, compared to 155,946.99 crore in the year-ago period.

ONGC's consolidated turnover stood at Rs.6,84,829 crore in FY23, compared to 5,31,793 crore in FY22. On a standalone basis, the oil and gas explorer reported a net loss of 247 crore in the fourth quarter, compared to a net profit of 8,859.5 crore in the same period last year.

The company's board declared a final dividend of 0.5 per equity share of the face value of 5 each (10 per cent) for the financial year 2022-23, upon the approval of shareholders. ONGC has paid the highest ever total dividend for FY23 at 225 per cent (Rs.11.25 per share of face value 5 each) with a total payout of Rs. 14,153 crore. 

This includes the interim dividend of 215 per cent (Rs. 10.75 per share), which was paid during the year and the final dividend of 10 per cent (Rs.0.50 per share) which has been recommended by the board on May 26.

Also Read: ONGC strikes oil and gas in Mumbai offshore’s OALP block

On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during Q4FY23 came in at 20,996.73 crore, down 14.57 per cent year-on-year, over higher cost of material consumed. 

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.

In terms of production, the total crude oil output during the March quarter stood at 5.23 million metric tonnes (MMT), posting a drop of 2.9 per cent, compared to 5.39 MMT in the year-ago period. The oil output for FY23 stood at 21.485 MMT as against 21.707 MMT in FY22.

In addition, the total gas output during the quarter under review stood at 5.261 billion cubic meters (BCM), posting a decline of 1.5 per cent, compared to 5.339 BCM in the year-ago period. The gas output for FY23 stood at 21.351 BCM as against 21.680 BCM in FY22.

‘’The decrease in oil/gas production is mainly due to delay in implementation of KG-98/2, cluster-II project and less than envisaged production from WO-16 and cluster-7 and reservoir issues in S1-VA fields,'' said ONGC in a regulatory filing to the stock exchanges.

The crude oil price realisation for the March quarter came in at $77.12 per bbl, compared to $94.98 per barrel in the corresponding period last year.

ONGC has declared a total of eight discoveries, five in onland and three offshore during fiscal 2022-23, in its operated acreages. Out of these, three (two of which are in onland and one in offshore) are prospects, while the other five (three of which are in onland and two in offshore) are pools.

Out of the eight discoveries notified during FY23, three discoveries including, Mandapeta-60, Kesanapalli West Deep-7 and Hatipoti-1 were monetized by ONGC during the year itself.

On May 26, shares of ONGC settled 1.62 per cent lower at 163.60 apiece on the BSE.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 26 May 2023, 09:57 PM IST
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