Oil and Natural Gas Corporation (ONGC), India’s leading state-owned oil and gas exploration major, reported 78 percent surge in its consolidated net profit for the fourth quarter of the financial year 2023-24. The company’s net profit surged to Rs 11,526.53 crore, compared to Rs 6,478.23 crore in the corresponding period last year.
ONGC’s consolidated net profit saw a marginal increase from Rs 11,104.50 crore posted in the previous quarter. The company’s revenue from operations for the fourth quarter stood at Rs 1.66 lakh crore, a slight increase compared to Rs 1.64 lakh crore recorded in the same period of the previous year.
ONGC’s board of directors recommended a final dividend of Rs 2.50 per equity share of face value of Rs 5 each for the financial year 2023-24, subject to approval.
ONGC’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the fourth quarter was Rs 25,772 crore, up from Rs 15,752 crore during the corresponding period last year.
