The Oil and Natural Gas Corporation (ONGC) posted a net profit of Rs 19,945 crore for the fiscal year 2018. The gross revenue registered by the company in the said period was Rs 85,004 crore. Further, the final dividend of 27 per cent took the total dividend payout in the fiscal year to 132 per cent. During the said period, 12 discoveries were made while three have been made so far in fiscal year 2019. There has also been a 6.3 per cent increase in gas production from ONGC operated fields during the said period.
In its 307th board meeting held recently, ONGC presented the annual results for fiscal year 2018. The ONGC board has recommended a final dividend of 27 per cent. The company had earlier declared interim dividends of 105 per cent during the year.
ONGC also made 12 discoveries in fiscal year 2018. Of the 12 discoveries, six discoveries were made in onland and six in offshore sites. Out of 6 onland discoveries, two discoveries were monetised during the year itself.
Further, ONGC Videsh limited, registered a Profit After Tax (PAT) of Rs 981 crore in the fiscal year 2018, as against a PAT of Rs 757 crore in fiscal year 2017. The board of directors of the company has proposed a final dividend of Rs two per share on fully paid equity share par value of Rs 100 each, subject to approval by the shareholders. The dividend amounts to Rs 300 crore.