ONGC declares results for FY’23; posts net profit of Rs 38,829 crore for FY’23, highest ever total dividend of 225% for FY’23

Mumbai 29th May 2023: ONGC declares results for FY’23; posts net profit of Rs 38,829 crore for FY’23, highest ever total dividend of 225% for FY’23

Highlights:

• Gross Revenue Rs. 36,293 crore in Q4FY’23, up by 5.2 %; Rs. 1,55,517 crore in FY’23, up by 40.9%
• Total dividend for FY’23 Rs. 11.25 per share (225%) considering interim dividend of Rs. 10.75 per share (215%) and Final dividend of Rs. 0.50 per share (10%)
• Eight discoveries made and three monetized in FY’23

ONGC Board of Directors in its 364^th Meeting held on 26^th May, 2023, approved the annual results for FY’23.

1. Financial Performance (Standalone)

Particulars	Q4FY’23	Q4FY’22	% Var	FY’23	FY’22	% Var
Gross Revenue (Rs. Crore)	36,293	34,497	5.2	1,55,517	1,10,345	40.9
Exceptional items (including current year provision for ST/GST on royalty)*	(12,107)	–	–	(12,107)	–	–
Profit/(loss) Before Tax (PBT) * (Rs. Crore)	(979)	11,714	(108.4)	50,395	41,040	22.8
Profit/(loss) After Tax (PAT)* (Rs. Crore)	(248)	8,860	(102.8)	38,829	40,306	(3.7)
* The company has reviewed the entire issue of disputed Service tax and GST on royalty and has decided to make a provision towards these disputed taxes as a prudent and conservative practice. Accordingly, during the quarter and year ended March 31, 2023, the Company has provided Rs. 12,107 crore towards disputed taxes of ST/GST on Royalty for the period from April 1, 2016 to March 31, 2023 together with interest thereon.  The above adjustments have adversely impacted the profitability for Q4 and FY’23. However, the Company shall continue to contest such disputed matters before various forums based on the legal opinion.
Crude Oil Price-Nominated
Realization (US$/bbl)	77.12	94.98	(18.8)	91.90	76.62	19.9
Realization (Rs./bbl)	6,344	7,147	(11.2)	7,388	5,709	29.4

 

Particulars	Q4FY’23	Q4FY’22	% Var	FY’23	FY’22	% Var
Crude Oil Price-JV
Realization (US$/bbl)	77.11	95.53	(19.3)	93.02	77.15	20.6
Realization (Rs./bbl)	6,343	7,189	(11.8)	7,478	5,748	30.1
Gas Price
Price on GCV basis ($/mmbtu)	8.57	2.90	195.5	7.34	2.35	212.3

 

2. Dividend pay out

The total dividend for FY’23 would be 225% (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) recommended by the Board.

 

3. Production Performance

Particulars	Q4FY’23	Q4FY’22	% Var	FY’23	FY’22	% Var
Crude Oil–ONGC (MMT)	4.518	4.651	(2.9)	18.540	18.604	(0.3)
Crude Oil–JV share (MMT)	0.442	0.513	(13.8)	1.901	2.162	(12.1)
Condensate (MMT)	0.275	0.226	21.7	1.044	0.941	10.9
Total Crude Oil (MMT)	5.235	5.390	(2.9)	21.485	21.707	(1.0)
Gas – ONGC (BCM)	5.073	5.167	(1.8)	20.628	20.907	(1.3)
Gas – JV share (BCM)	0.188	0.172	9.3	0.723	0.773	(6.5)
Total Gas (BCM)	5.261	5.339	(1.5)	21.351	21.680	(1.5)
Value Added Products (KT)	612	753	(18.7)	2,598	3,089	(15.9)

The decrease in oil/gas production is mainly due to delay in implementation of KG-98/2, cluster-II project and less than envisaged production from WO-16 and Cluster-7 and reservoir issues in S1-VA fields.