ONGC Q4 results: Net profit rises 78% to Rs 11,526 cr, announces dividend

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ONGC Ashoknagar Oil Field West Bengal, 07-Jan-2021 (Photo: Wikimedia Commons)

2 min read Last Updated : May 20 2024 | 11:19 PM IST

Oil and Natural Gas Corporation (ONGC) on Monday announced a jump of around 78 per cent in its consolidated net profit at Rs 11,526.53 crore in the quarter ending March 31 of financial year 2023-24 (Q4FY24), compared to Rs 6,478.23 crore in the same period last year (Q4FY23).


According to the regultory filing, the company’s board of directors has recommended a final dividend of Rs 2.50 per equity share of face value of Rs 5 each which is at 50 per cent for the FY24, subject to the approval of shareholders in the ensuing annual general meeting of the company. This works out to Rs 3,145 crore over and above the interim dividend of Rs 9.75 per share, says the company.

The state-owned oil and gas exploration major reported slight rise in revenue from operations for Q4FY24 at Rs 1.66 trillion, compared to Rs 1.64 trillion recorded in Q4FY23.

For the full FY24, ONGC recorded highest ever consolidated net profit of Rs 57,101 crore, according to the statement issued by the company.

The crude oil production in Q4FY24 saw an increase of 2.4 per cnt over Q4FY23 whereas gas production decreased by 3 per cent.

According to the statement, 11 discoveries were made in FY24 by the compnay. “ONGC has declared 11 discoveries (6 in onland, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries,” read the statement.

It also highlighted that during the year,  ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells.

First Published: May 20 2024 | 11:19 PM IST