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ONGC Q1 results: Net profit zooms 251% to ₹15,206 cr; revenue rises 84%

State-owned Oil and Natural Gas Corporation (ONGC) reported a 251% jump in June net profit (Q1FY23) on Friday. 15,205.85 crore. The company posted a consolidated net profit of 4,334.75 crore in the period from a year ago.

On the other hand, revenues from operations of India’s largest oil explorer rose 42,320.72 crore, up 84% for the quarter under review compared to 23,021.64 crore in the year-ago quarter.

The company’s total revenue also increased to 43,078.39 crore in the April-June quarter of 23,555.31 crore in the period from a year ago.

The company’s operating margin improved to 49.57% in the April-June quarter, from 32.01% in Q1FY22.

During the June quarter, earnings per share or EPS improved to 12.09 against 3.45 on an annual basis. The net profit margin increased to 35.93%, up from 18.83% in the same period a year ago.

Earlier this month, ONGC established August 19, 2022 as the Record Date for determining members eligible for a final dividend of 3.25 per share for fiscal year 2021-22.

The 65% dividend is subject to shareholder approval by the company at the AGM scheduled for August 29. After approval, the dividend will be paid within 30 days.

On Friday, the company’s scrip on NSE closed 5.05% higher 139.50.

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