By Manish Gupta
State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a standalone net loss of Rs 248 crore in Q4 FY23, against a net profit of Rs 8,860 crore in the year-ago quarter due to an exception provision of Rs 12,107 crore towards disputed taxes.
The corporation recorded 5.2% hike in its gross revenue to Rs 36,293 crore in the quarter ending March 2023 as against Rs 34,497 crore in the Q4 FY22, as per the company financial results filed in an exchange.
For full year FY23, the net profit fell 3.7% to Rs 38,829 crore and the gross revenue shot up 40.9% to Rs 1,55,517 crore.
ONGC declared highest ever total dividend of 225% for FY23 (Rs 11.25 per share of face value Rs 5 each) with a total payout of Rs 14,153 crore. This includes interim dividend of 215% (Rs 10.75 per share) already paid during the year and final dividend of 10% (Rs 0.50 per share).
The company has provided Rs 12,107 crore towards disputed taxes of service tax/GST on royalty for the period from April 1, 2016 to March 31, 2023 together with interest thereon, it said in a statement.
ONGC has reviewed the entire issue of disputed service tax and GST on royalty and has decided to make a provision “as a prudent and conservative practice”.
“However, the company shall continue to contest such disputed matters before various forums based on the legal opinion,” it