Rs 4/Share Dividend: Maharatna PSU Declares Single Digit Drop In Net, Shares Up 30% YTD

State-controlled Oil and Natural Gas Corporation (ONGC) declared its consolidated net profit at Rs 10,748 crore for FY24, down 7.9% as compared to Rs 11,665 crore in the corresponding quarter of FY 23. The PSU declared its revenue from operations at Rs 1,65,569 crore, down 2.2% as against Rs 1,69,213 crore in the corresponding quarter of last year.

The Board of Directors of the PSU giant also approved the 2nd interim dividend of Rs 4.00 per share. Last trading price of Oil and Natural Gas Corporation shares on BSE is Rs 266.95 apiece with intraday fall of 2.32%. ONGC shares offered return of 51% in last 6-months. Check details below:

Oil and Natural Gas Corporation Declares Interim Dividend: As per the BSE filing of the company dated February 10, 2024, "The Board of Directors have declared 2nd Interim dividend at the rate of Rs 4/- per equity share of face value of Rs 5/- each i.e. @80% for the Financial Year 2023-24."

ONGC Declares Record Date For Interim Dividend: The BSE filing further stated, "As informed vide letter dated 02.02.2024, Saturday, 17th February, 2024 has been fixed as "Record Date" for determining eligibility of shareholders for payment of 2nd Interim Dividend. The dividend will be paid to the eligible shareholders on or before 10.03.2024."

ONGC Stock Performance & Return: The 52-week high price of ONGC shares on BSE is Rs 275.65 apiece and 52-week low price is Rs 143.20 apiece, respectively. The company has a market capitalisation of Rs 3,35,830.55 crore. ONGC shares zoomed 39% in last 3-months, soared 83%, offered rally of 63% in last 1-year, and gained 164% in last 3-years. In last 5-years, ONGC shares soared 86%.

ONGC Q3 Results: The reduction in ONGC's production output in 9M FY 2023-24 was due to shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, post taking over from JV Partners. Cyclone Biparjoy (June 2023) disrupted offshore and onshore production. Crude oil production of a Southern Asset was hampered as a refinery stopped receiving oil, following a leakage in their pipeline.

ONGC has declared total 09 discoveries (04 in Onland and 05 in Offshore) during FY 2023-24 in its operated acreages. Out of these, 05 are prospects (Offshore) and 04 in Onland are New Pools. ONGC has monetized 6 discoveries till date during FY 2023-24, viz Gopavaram21(FY 2023-24), South Mahadevapatinam-2 (FY 2023-24), Karugorumilli-1 (FY 2022-23), Gojalia-13 (FY 2011-12), KG-DWN-98/2-M-1(Padmawati)(FY 2001-02) and KG-DWN-98/2-M-3 (FY 2013-14).

The PSU's quarterly oil production witnessed a fall of 3.3% and gas output fell 4.3% from a year earlier. Earnings on every barrel of crude fell 6.4% to $81.59 and that on gas declined 24.2% to $6.50 per million Btu.

About: Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL and MRPL (Last two are subsidiaries of ONGC) to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas LPG.

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