ONGC Q4 Results: Profit falls 53% YoY to Rs 5,701 crore

ONGC's consolidated net profit fell 53% to Rs 5,701 crore for the quarter ended March. The profit stood at Rs 12,061 crore in the March quarter of last year.

The Board has recommended a final dividend of Rs 0.5 per equity share for the financial year 2022-23.

Revenue from operations during the reporting quarter rose 5% to Rs 1.64 lakh crore. It was Rs 1.55 lakh crore in the corresponding quarter of last year.

On a standalone basis, the company reported net loss of Rs 248 crore during the March quarter, compared with a profit of Rs 8,860 crore in the same quarter last year.

Standalone gross revenues rose 5% to Rs 36,293 crore in the said period.

The company said it has reviewed the entire issue of disputed service tax and GST on royalty and has decided to make a provision towards these disputed taxes as a prudent and conservative practice.

Accordingly, during the quarter and year ended March 2023, the company has provided Rs 12,107 crore towards disputed taxes of ST/GST on royalty for the period from April 2016-March 2023 together with interest thereon.

The above adjustments have adversely impacted the profitability for Q4 and FY23, the company said, adding that it will continue to contest such disputed matters before various forums based on the legal opinion.

The crude oil price realisation for the March quarter stood at $77.12 per bbl, compared with $94.98 per barrel the year-ago.

For the full year 2022-23, standalone revenues rose 41% YoY Rs 1.55 lakh crore, while net profit fell 4% YoY to Rs 38,829 crore.

The company has paid the est ever total for FY23 at 225% (Rs 11.25 per share of face value Rs 5 each) with a total payout of Rs 14,153 crore. This includes an erim dividend of 215% (Rs 10.75 per share) already paid during the year and a nal dividend of 10% (Rs.0.50 per share).

On Friday, ONGC shares closed 1.20% lower at Rs 164 on NSE.