Oil and Natural Gas Corporation Announces Rs. 4 Per share Dividend

The board member of ONGC has approved Rs. 4 per share interim dividend for the current financial year. This is the 2nd interim dividend payment by the PSU major.

Ahead of its earnings, shares of the oil explorer ended 0.2% higher on the National Stock Exchange at Rs 148.45. The stock has bucked the benchmark index, having gained a little over 1% so far in 2023. The Nifty 50 on the other hand, has fallen by about 1%.

ONGC’s net profit rose 5% YoY to Rs 11,489 crore, and revenue from operations grew 16% to Rs 1.69 lakh crore at the consolidated level.

The debt-to-equity ratio was 0.44 times as of December-end, compared with 0.38 times a year ago.

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Oil and Natural Gas Corporation NSE 0.20 % reported a 26% year-on-year (YoY) rise in net profit for the quarter that ended December to Rs 11,045 crore. Revenue from operations increased nearly 36% YoY to Rs 38,583.3 crore.

The operating profit of the offshore business grew 32% YoY to Rs 12,620 crore, and that of the onshore business increased 36% to Rs 2,071 crore.

The operating margin in the quarter dipped to 39.81% from 42.16% a year ago. ONGC’s offshore revenue increased nearly 40% YoY to Rs 25,936 crore, and onshore revenue rose 28% to Rs 12,647.20 crore.

Total expenses for the quarter were Rs 25,322.6 crore, compared to 18541.4 crores a year ago. The finance cost at Rs 689.50 crore was higher than a year ago when the figure stood at Rs 582 crore.

The net tax outgo for the quarter was higher at Rs 3,627.31 crore, compared to Rs 2,659.4 crore a year ago.

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