State-owned oil and gas exploration major Oil and Natural Gas Corp (ONGC) on Monday reported a surge of 78% in its consolidated net profit for the last quarter of financial year 2023-24 at Rs 11,526.53 crore against Rs 6,478.23 crore in Q4FY23 as the net crude oil price realisations improved. On a sequential basis, the net profit increased by 4% from Rs 11,104.50.
The company’s revenue from operations rose by almost 2% at Rs 166,770.63 crore from Rs 8,764.27 in the corresponding period a year ago.
Total income stood at Rs 169,875.25 crore during the January-March quarter of FY24, up 1.8% from Rs 166,725.12 crore in Q4FY23.
For the full year 2023-24, the company’s consolidated net profit increased significantly by 68% to Rs 57,100.84 crore from Rs 34,046.46 crore in FY23.
The board of directors of the company have recommended a final dividend at the rate of Rs 2.50 per equity share of face value of Rs 5 each, subject to the approval of shareholders, the company said in an exchange filing.
“The total dividend for FY24 would be 245% (Rs 12.25 per share of face value Rs 5 each) with a total payout of Rs 15,411 crore,” the company said.
Net crude oil realisations for the period improved to $80.81 per barrel against $77.12 per barrel in Q4FY23.
ONGC’s capex stood at Rs 37,000 crore in FY24, the highest-ever utilisation (excluding acquisitions) in a financial year, it said.
The company’s crude oil production in Q4FY24 increased by 2.4% to 5.359 million tonne, while gas production decreased by 3%.
In FY24, the company made 11 discoveries, of which seven were monetised. Out of these, 6 are prospects and 5 are new pool discoveries. The company also monetised 7 hydrocarbon discoveries during the year.