ONGC Q4 consolidated PAT rises 10%, firm declares dividend of Rs 3.25

ONGC's consolidated revenue from operations rose 37% to Rs 1.55 trillion in Q4FY22

State-owned ONGC on Saturday reported 10% rise in consolidated net profit at Rs 12,061 crore for the quarter ending March 31, 2022 as it got the best ever price for crude oil it produces and sells. It reported consolidated net profit of Rs 10,963 crore in the year-ago period. 

Oil & Natural Gas Corporation Limited's consolidated revenue from operations rose 37% to Rs 1.55 trillion in Q4FY22 as against Rs 1.14 trillion in Q4FY21. 

For FY22, the company's board recommended final dividend of Rs 3.25 per equity share of Rs 5 face value. 

On Friday, the company's scrip on BSE closed 5% lower at Rs 143.75.

The company reported a 31.5% jump in its March quarter standalone net profit at Rs 8,859.54 crore, or Rs 7.04 per share, in January-March as compared with Rs 6,733.97 crore, or Rs 5.35 a share, in the same period a year back, according to the company's regulatory filing.

Standalone Revenue from operations rose to Rs 34,497.24 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 40,305.74 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.

ONGC gets international rates as the downstream fuel retailers too price petrol, diesel and other petroleum products at global rates.

Consolidated net profit, after including those earned by its subsidiaries like HPCL and ONGC Videsh Ltd, soared to Rs 49,294.06 crore in the full fiscal 2021-22 as compared to Rs 10,963.04 crore in January-March 2021 and Rs 21,360.25 crore in 2020-21.

With inputs from PTI