ONGC Q4 Results: Profit falls more than 50% to Rs 5701 crore, revenue up by 5%

Oil and Natural Gas Corporation (ONGC) reported a loss of 53 per cent as the consolidated net profit stood at Rs 5,701 crore, as compared to Rs 12,061 crore in the corresponding period last year. The revenue from operations during this quarter was at Rs 164,066.72 crore, thereby witnessing a five percent, compared to Rs 155,946.99 crore in the year-ago period. On a standalone basis, the company reported a net loss of Rs 248 crore during the March quarter, however, the same was at Rs 8,860 crore in the same quarter last year.

The company's board declared a final dividend of Rs 0.5 per equity share of the face value of Rs 5 each (10 per cent) for the financial year 2022-23, upon the approval of shareholders. The total dividend for FY23 is 225 per cent (Rs.11.25 per share of face value Rs 5 each). 

‘’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 share price of the company opened at Rs. 166.05 on Friday and closed at Rs 162.30 after touching a high of Rs 167.40. The share price was down by 1.20 per cent at the time of closing before the results came.

The oil company was asked by Gujarat Pollution Control Board (GPCB) to pay Rs 50 lakh in damages for the spillage of crude oil from its pipeline in Bharuch district, as per reports.

Local farmers had been alleged that 25 camels died after drinking water contaminated with the spillage on Sunday, though the central government-controlled oil major has denied it.

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