ONGC Q2 FY 23 profit falls by 30% to Rs 12,826cr

Oil and Natural Gas Corporation (ONGC) has reported a net profit of INR 12,826 crores for the second quarter of the financial year 2022-2023 (Q2 FY 23), which is a decrease of 30.1% compared to INR 18,348 crores in the same period of the previous financial year.

The gross revenue of the Indian state-owned oil and gas firm during the reported period was INR 38,321 crores, which is an increase of 57.4% compared to INR 24,353 crores made in Q2 FY 22.

ONGC said that its board has sanctioned an interim dividend of 135%, which comes to INR 6.75 on each equity share of INR 5. The total payout on this will be INE 8,492 crores, said the Indian oil and gas company.

ONGC Q2 FY 23 profit falls by 30% to Rs 12,826cr. Photo courtesy of Deepak G Goswami/Wikimedia Commons.

During FY 2022-23, ONGC announced a total of six hydrocarbon discoveries in its operated acreages, of which four are onshore and two are offshore.

Recently, ONGC signed contracts to develop six discovered small fields in Indian offshores under the DSF-III bid round.