The Oil and Natural Gas Corporation (ONGC) reported a 53 percent loss as consolidated net profit came in at Rs.5,701 crore, compared to Rs.12,061 crore in the corresponding period last year. Operating revenue for the quarter was Rs. 164,066.72 crore, up five per cent, compared to Rs. 155,946.99 crore in the same period last year. On an individual basis, the company reported a net loss of Rs. 248 crore in the March quarter compared to Rs. 8,860 crore in the year-ago quarter.
The Board of Directors of the Company, following shareholder approval, declared a final dividend of Rs.0.5 per share of Rs.5 par value (10 per cent) for the 2022-23 financial year. The total dividend for FY23 is 225 per cent (Rs 11.25 per share of Rs 5 par value).
“The decline in oil/gas production is primarily due to delays in the implementation of the KG-98/2-Cluster-II project and lower than projected production from WO-16 and Cluster-7, as well as reservoir issues in the S1-VA- fields,” ONGC said in a listing filing with the stock exchanges.
The company’s share price started at Rs. The price on Friday was 166.05 and closed at 162.30 rupees after hitting a high of 167.40 rupees. The share price was down 1.20 percent at the time of closing before the results were released.
The oil company was reportedly ordered by the Gujarat Pollution Control Board (GPCB) to pay 50 lakh rupees in damages for the spill of crude oil from its pipeline in Bharuch district.
Local farmers have been accused that 25 camels died on Sunday after drinking contaminated water from the leak, although the central government-controlled oil giant has denied it.
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