Oil and Natural Gas Corporation (ONGC) shares declined Rs 0.95 or 0.64 percent on Wednesday trading session and stood at Rs 147.50 apiece on the BSE despite the increase in net profit of the corporation in the December quarter (Q3FY23) and announcement of dividend for shareholders a day before.
Shares of ONGC opened at Rs 148.75 and hit the day’s high of Rs 149.45 today while it was Rs 148.45 when the market closed on Tuesday.
On Tuesday along with the announcement of Q3 earnings, state-owned explorer ONGC declared a second interim dividend to its shareholders for the current financial year 2022-23. ONGC shareholders will receive a dividend of Rs 4 per equity share while the total payout for this will be Rs 5,032 crore.
The company has fixed February 24, 2023, as the Record Date for determining the eligibility of shareholders for the payment of the second interim Dividend.
“The Board of Directors has declared 2nd interim dividend at the rate Rs.4 per equity share of face value of Rs 5/- each i.e.@ 80 % for the Financial Year 2022-23. As informed vide letter dated 09.02.2023, Friday, 24.02.2023 has been fixed as Record Date for determining the eligibility of shareholders for the payment of the said Interim Dividend. The dividend will be paid to the eligible shareholders on or before 16.03.2023,” the state-owned oil & exploration company said in a BSE exchange filing on Tuesday.
ONGC’s Q3 FY23 earnings results
Government-owned ONGC’s, which declared its third-quarter earnings on Tuesday, said its net profit increased 26 percent year-on-year (YoY) to Rs 11,045 crore in Q3FY23 ending December 2022 as against Rs 8,764 crore net profit during the corresponding period of last year.
The corporation’s revenue from operations rose to Rs 38,583 crore in the December quarter, a hike of 35.5 percent jump as compared to Rs 28,473 crore in the same quarter a year ago. The rise in the net profit and revenue of the ONGC was mainly due to the higher prices of gas under the administered price mechanism (APM).
