New Delhi: Global energy holding company, ONGC (Oil and Natural Gas Corporation Ltd) reported a 53 per cent decline in its consolidated net profit with Rs 5,701 crore in the March quarter of the financial year 2023 against Rs 12,061.44 crore a year back.
The state-run corporation announced a hike in its consolidated total income in the fourth quarter of the financial year 2023 with Rs 1,66,728.80 crore compared to Rs 1,58,660.49 crore during the same period the previous year.
In terms of a standalone basis, the company reported a net loss of Rs 248 crore in the March quarter of the financial year 2023, in comparison to Rs 8,860 crore net profit during the same period a year back.
For the standalone gross revenue, the company reported a rise in it by 5.2 per cent to RS 36,293 crore compared to Rs 34,497 crore in the year-ago period.
The firm says that its bottom line was hit due to a transaction made worth Rs 12,107 crore deposited in March for a dispute relating to Service tax and GST on royalty and interest on it during the period between April 1, 2016, and March 31, 2023.
What does the company have to say?
According to the company, this has been done as a wise practice and added, “it shall continue to contest such disputed matters before various forums based on the legal opinion.”
The company’s board have approved a final dividend of Rs 0.5 per share for the financial year 2022-23. Totalement of dividend for FY23 would be 225% ( Rs 11.12 per share having a face value of Rs 5 each) along with a total payout of Rs 14,153 crore, which also includes an interim dividend of 215 per cent (Rs 10.75 per share) have been already paid this year.