ONGC posts net profit of Rs 38,829 Cr for FY23, declared highest ever total dividend of 225%

ONGC posts net profit of Rs 38,829 Cr for FY23, declared highest ever total dividend of 225%
Oil and Natural Gas Limited (Representational Image)

New Delhi: Energy Maharatna ONGC Posts Gross Revenue of Rs 1,55,517 crore in FY’23, up by 41%; Highest-ever total dividend of 225%, Rs 11.25 per share ONGC made 8 discoveries & monetised 3 in FY’23

ONGC reviewed entire issue of disputed Service tax & GST on royalty & decided to make a provision towards these disputed taxes as prudent & conservative practice.

Read Also : RITES total revenue Rs.2539 Cr with profit after tax Rs.495 Crore for FY 24

Accordingly, during Q4 & FY’23 it has provided Rs 12,107 crore towards disputed taxes of ST/GST on Royalty for period from 1 April 2016 to 31 March 2023 together with interest thereon.

The above adjustments have adversely impacted the profitability for Q4 & FY’23. However, ONGC shall continue to contest such disputed matters before various forums based on the legal opinion.

Read Also : REC wins ‘Sustainability Champion – Editor’s Choice Award’ at the Outlook Planet Sustainability Summit & Awards 2024