Financial & Dividend News
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 : Vice Admiral Dinesh Kumar Tripathi appointed as next Chief of the Naval StaffAccordingly, 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 : SAIL emerges champion in All India Public Sector Volleyball TournamentNews Must Read
- CIL’s capex up 6.5% to highest Rs.19,840 Crores in FY 2024
- SCOPE presents SCOPE PREMIER LEAGUE
- MCL Ib Valley Washery commenced commercial operation
- HAL bags Rs 65,000 Cr tender by Defence Ministry
- PSBs' growth output superseded Private Lending firms
- Northern Coalfields Limited CMD inspects Amlohri Area
- SCOPE organizes Public Sector Day celebrations
- IOCL Final Dividend Announcement Expected at April 30 Board Meeting
- Steel Cutting Ceremony of Indian Navy held at HSL Vishakapatnam
- DIPAM declines PFC-REC debt resolution proposal for KSK Mahanadi project