ONGC Q4 net profit slips 32 percent to Rs 4045 crore

Last Updated: Fri, May 31, 2019 16:13 hrs
ONGC

Government-owned energy major ONGC's standalone net profit for the fourth quarter (January to March) of 2018-19 declined 32 per cent to Rs 4,045 crore against Rs 5,915 crore reported during the corresponding period of previous fiscal.

However, on a full fiscal basis, it reported a 34 per cent jump in net profit to Rs 26,716 crore against Rs 19,945 crore in the 2017-18.

ONGC had its highest ever consolidated net profit at Rs 33,887 crore, up 30 per cent on an annual basis.

The board of directors has recommended final dividend of 15 per cent. The company had earlier declared interim dividends of 125 per cent during the year. So the total dividend for FY19 works out to 140 per cent as against 132 per cent in the last year, the company said in a statement.

The total dividend payout for FY19 will be Rs 8,806 crore (excluding dividend distribution tax).

In 2018-19, ONGC made 13 discoveries - 8 onland (Nomination-6, NELP-2) and 5 in offshore (Nomination-2, NELP- 3). Out of 13 discoveries, 5 discoveries were monetised during the year itself.

ONGC is India's largest crude oil and natural gas company, contributing about 70 per cent to the domestic production.

Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG.