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State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a 251% jump in its June quarter net profit (Q1FY23) at ₹15,205.85 crore. The company had posted a consolidated net profit of ₹4,334.75 crore in the year-ago period.
On the other hand, India's top oil explorer's revenue from operations came in at ₹42,320.72 crore, up 84% for the quarter under review as against ₹23,021.64 crore in the year-ago quarter.
The company's total income also increased to ₹43,078.39 crore in the April-June quarter from ₹23,555.31 crore in the year-ago period.
The firm's operating margin improved to 49.57% during the April-June quarter as against 32.01% in Q1FY22.
During the June quarter, the earnings per share or EPS improved to ₹12.09 against ₹3.45 on a year-on-year basis. The net profit margin cane in at 35.93%, up from 18.83% in the same period year-ago.
Earlier this month, ONGC has fixed 19 August, 2022 as the 'Record Date' for determining members eligible to receive a final dividend of ₹3.25 per share for the financial year 2021-22.
The 65% dividend is subject to shareholders' approval of the company in the AGM, which is scheduled to be held on 29 August. Once approved, the dividend will be paid within a period of 30 days.
On Friday, the company's scrip on NSE closed 5.05% higher at ₹139.50.