ONGC logs 31.6% rise in Q4 net profit
Premium- During the same period of FY21, the company had registered a net profit of ₹6,734 crore
NEW DELHI : State-run ONGC on Saturday reported a 31.6% increase in its net profit for the quarter ended March, FY22, at ₹8,860 crore.
During the same period of FY21, the company had registered a net profit of ₹6,734 crore.
Its gross revenue for the quarter under review was ₹34,497 crore, up 62.8% from ₹21,189 crore earned in the corresponding quarter of FY21.
During the last financial year (FY22), the public sector energy major’s net profit surged 258% to ₹40,306 crore and its gross revenue increased 62% to ₹1,10,345 crore.
In a statement, the company said that the total dividend for FY22 would be 210% ( ₹10.50 per share of face value ₹5 each) with a total payout of ₹13,209 crore. It includes interim dividend of 145% ( ₹7.25 per share) already paid during the year and final dividend of 65% ( ₹3.25 per share) recommended by the board.
ONGC declared four discoveries -- two in onland and two in offshore -- during FY22 in its operated acreages. Further, it has monetized six hydrocarbon discoveries during the year.
Its total crude oil production declined 3.7% to 21.70 million metric tonne (MMT) in FY22, from 22.53 MMT in FY21.
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“The decrease in oil/gas production is mainly due to impact of cyclone-Tauktae in western offshore assets and western onshore assets and modification work at Hazira," it said.