NEW DELHI: State-owned oil exploration firm ONGC on Monday reported 30 per cent year-on-year drop in its net profit on a standalone basis in the second quarter of the financial year. The company reported a net profit of Rs 12,826 crore in the September 2022 quarter compared to Rs 18,348 crore in the same quarter the previous year.
The revenue, however, increased by 54 per cent to Rs 38,321 crore on a standalone basis during the quarter. On a consolidated basis, its net profit fell 54 per cent to Rs 8,299 crore, while revenues jumped 38.2 per cent to Rs 1,68,656 crore.
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The board of the company has approved an interim dividend of 135 per cent -- Rs 6.75 -- on each equity share of Rs 5. The total payout on this account will be Rs 8,492 crore. The record date for the distribution of dividends has been fixed for 22 November 2022. ONGC has declared total of six discoveries (4 in onland and 2 in offshore) during 2022-23 in its operated acreages.