ONGC net profit slides 53% to Rs 5,701 crore in Q4 on provisions for tax dispute – EQ Mag
The company reported a rise in its consolidated total income in Q4FY23 to Rs 166,728.80 crore, against Rs 158,660.49 crore in the year-ago quarter.
State-run Oil and Natural Gas Corporation (ONGC) has reported a 53 percent decline in its consolidated net profit to Rs 5,701 crore for the fourth quarter of FY23 from Rs 12,061.44 crore a year ago.
The company reported a rise in its consolidated total income in Q4FY23 to Rs 166,728.80 crore, against Rs 158,660.49 crore in the year-ago quarter.
On a standalone basis, the company reported a net loss of Rs 248 crore for the fourth quarter ended March 2023 (Q4FY23), compared to the Rs 8,860 crore net profit recorded in the same period of the previous year.
Standalone gross revenue for the state-run oil and gas major increased by 5.2 percent to Rs 36,293 crore from Rs 34,497 crore in the year-ago period.
The company said that its bottom line was hit due to a provision of Rs 12,107 crore made in the quarter towards disputed Service tax and GST on royalty and interest on it in the period between April 1, 2016 and to March 31, 2023.
The company also said that this has been done as a prudent practice, adding, “it shall continue to contest such disputed matters before various forums based on the legal opinion”.
The company’s Board has recommended a final dividend of Rs 0.5 per equity share for FY 2022-23. The total dividend for FY’23 would be 225% (Rs.11.25 per share of face value Rs 5 each) with a total payout of Rs. 14,153 crore. This includes interim dividend of 215% (Rs. 10.75 per share) already paid during the year.
During FY 2022-23, ONGC announced a total of eight discoveries, with five on land and three offshore. Among these, three are prospects (two on land and one offshore), while five are pools (three on land and two offshore).
The crude oil (Nominated) realisation for the quarter stood at $77.12 per barrel which is down by 18.8 percent compared to the realisation of $94.98 per barrel during the corresponding period last year.
In rupee terms, the average crude realisation was Rs 6,344 per barrel, 11.2 percent down year-on-year (YoY).
Total crude production during the quarter remained at 5.23 million metric tonnes (mmt) compared to 5.39 million metric tonnes (mmt) produced during the same period a year ago.
The gas production during the quarter was down 1.5 percent on-year to 5.26 billion cubic metres (BCM) compared to 5.33 BCM a year ago.
The production of value-added products dipped 18.7 percent on-year to 612 kilotonnes (KT) from 753 KT.
On May 26, ONGC shares closed at Rs 163.75 on the National Stock Exchange, representing a loss of Rs 2.25 (-1.36%) compared to the previous close.
Source: PTI
