HomeBUSINESSONGC Q1 results: Net profit zooms 251% to ₹15,206 cr; revenue rises...

ONGC Q1 results: Net profit zooms 251% to ₹15,206 cr; revenue rises 84%

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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.

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.

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