Business
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 364th Meeting held on 26th May, 2023, approved the annual results for FY’23.
- 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 |
- 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.
- 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.