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ONGC Dividend Record Date: Oil and Natural Gas Corporation (ONGC) on Monday said its board has approved an interim dividend of Rs 6.75 per equity share of face value of Rs 5/- each i.e. @ 135 per cent for the financial year 2022-23 while also announcing its second quarter earnings for the current fiscal or Q2 FY23. Shares of ONGC hit an over four-month high at Rs 143.20, on gaining 3 per cent in Tuesday’s intra-day trade in an otherwise range-bound market after the oil explorer reported a standalone net profit of Rs 12,826 crore in September quarter (Q2FY23). The state-owned oil exploration & production company had posted profit of Rs 18,348 crore in a year ago quarter.
“It is hereby informed that the Board of Directors of the Company at its meeting held has declared interim dividend at the rate Rs. 6.75 per equity share of face value of Rs. 5/- each i.e. @ 135. per cent for the Financial Year 2022-23. As informed vide letter dated 09.11.2022, for determining eligibility of shareholders for payment of the said Interim Dividend Record date for the said interim dividend is Tuesday, the 22nd November, 2022. The dividend will be paid to the eligible shareholders on or before 13.12.2022,” ONGC informed in an exchange filing. The total payout will be Rs 8,492 crore, majority of it going to the government.
ONGC reported revenue at Rs 38,321 crore during the quarter. Gross oil realization stood at $95.5/bbl. Net of windfall tax, realization stood at $72.2/bbl. Gas realisation remained unchanged sequentially at $6.1/mmbtu (on GCV basis). EBITDA during the quarter decreased 27.5 per cent QoQ to Rs 18,812 crore.
However, net of windfall tax of Rs 6,450 crore, revenue came in at Rs 31,900 crore, in line with our estimates, the brokerage firm Motilal Oswal Financial Services said.
The movement in oil prices is important for ONGC’s performance, going ahead. Currently, Brent oil prices are trending near $94/bbl. Domestic gas prices were revised upwards in semi-annual price revision in October. Current trend in global oil & gas prices augurs well for ONGC, according to ICICI Securities.
However, during the current quarter, the government has imposed windfall taxes on domestic oil production. Windfall taxes are being reviewed every fortnight. This will reduce the overall realisation of the company. Additionally, low volume growth on a sustainable basis remains a key concern for the company and needs to be addressed in order to create value for shareholders, the brokerage firm said in a note.
In past one month, the stock has outperformed the market by surging 12 per cent, as against 6.4 per cent rise in the benchmark index. ONGC was trading at its highest level since July 1, 2022.
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