ONGC Q2 Profit Surges 142.4%, Dividend Declared
The Oil and Natural Gas Corporation (ONGC) announced a strong FY24 second-quarter profit of Rs 16,553.32 crore. Comparing this result to the Q2 performance of the previous year, which was Rs 6,830.16 crore, the result shows a surge of 142.4 percent.
The company reported a decrease in revenue from operations despite demonstrating a notable increase in profit. This quarter's revenue, which was Rs 146,873.73 crore, was down 12.9 per cent from the same period last year, when it was Rs 168,656.12 crore.
The board of ONGC has also decided to distribute an interim dividend for the fiscal year 2023–2024 of Rs 5.75 per equity share, with a face value of Rs 5. The interim dividend will pay out a total of Rs 7,234 crore.
According to the company's regulatory filing, the dividend will be distributed to qualified shareholders on or before 10 December, 2023, with the record date for establishing shareholder eligibility being set for 21 November, 2023.
It is nonetheless noteworthy that ONGC saw a 2.1 per cent decrease in total crude output during the quarter that ended in September 2023. This amounted to 5.249 million metric tonnes (MMT), down from 5.360 MMT in Q2FY23.
This decrease in production is attributed to several factors, including a decline in mature fields and marginal fields. To counter this trend, ONGC is taking proactive measures, including well interventions and new well drilling activities in these fields.
