Board approves 105 pc interim dividend
MUMBAI: Oil and Natural Gas Corporation (ONGC), India’s largest oil and gas exploration & production company, has reported a net profit of Rs8,263 crore for the third quarter ending December 31, 2018 representing 64.8 per cent growth quarter on quarter.
The company that produces around 70 per cent of India’s crude oil (equivalent to around 30 per cent of the country’s total demand) has declared an interim dividend of Rs5.25 per share.
While the gross revenue for the quarter was Rs27,694 crore, up by 20.4 per cent Q-o-Q, the standalone natural gas production was up by 7 per cent, while value added products (VAP) was up by 3.3 per cent during the quarter.
ONGC board has approved interim dividend of 105 per cent, i.e. Rs5.25 on each equity share of Rs5. The total payout on this account will be Rs6,605 crore (excluding dividend distribution tax). The record date for distribution of dividend has been fixed for March 1, 2019, which has been intimated to the stock exchanges.
According to an official release from the company, two new basins i.e. Vindhyan and West Bengal have been upgraded to Category II during the current financial year.
The appraisal plans are drawn to further upgrade them as producing basins, according to the company statement. ONGC has notified total 11 discoveries have so far been done in the current financial year.