Gupta, MD, OVL & M. Venkatesh, MD,
MRPL along with Dirs of ONGC group
#NewDelhi 2023 May XXVI: 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.
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.
