ONGC posts 31.6% jump in March qtr profit on high oil, gas prices

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported a 31.6 per cent jump in its March quarter net profit as it got the best ever price for crude oil it produces and sells.

Standalone net profit of Rs 8,860 crore, or Rs 7.04 per share, in January-March compared with Rs 6,734 crore, or Rs 5.35 a share, in the same period a year back, according to the company's regulatory filing.

Revenue from operations rose to Rs 34,497 crore in the fourth quarter of 2021-22 fiscal from Rs 21,188.91 crore in January-March 2021.

For the full fiscal (April 2021 to March 2022), ONGC posted a record net profit of Rs 40,306 crore, up from Rs 11,246.44 crore in the previous financial year.

This after international energy prices surged from late 2021 and spiked after Russia invaded Ukraine in February. ONGC gets international prices for crude oil it produces and so it benefited from the surge in energy prices.

Consolidated net profit, after including those earned by its subsidiaries like HPCL and ONGC Videsh Ltd, soared to Rs 12,061.44 crore in March quarter and Rs 49,294 crore in the full fiscal 2021-22. This compared to Rs 10,963.04 crore in January-March 2021 and Rs 21,360 crore in FY2020-21.

The total dividend for FY'22 would be 210% (Rs.10.50 per share of face value Rs 5 each) with a total payout of Rs. 13,209 crore.

This includes interim dividend of 145% (Rs. 7.25 per share) already paid during the year and final dividend of 65% (Rs.3.25 per share) recommended by the Board.