ONGC Dividend Record Date: Oil and Natural Gas Corporation (ONGC) on Monday stated its board has accredited an interim dividend of Rs 6.75 per fairness share of face worth of Rs 5/- every i.e. @ 135 per cent for the monetary 12 months 2022-23 whereas additionally asserting its second quarter earnings for the present fiscal or Q2 FY23. Shares of ONGC hit an over four-month excessive at Rs 143.20, on gaining 3 per cent in Tuesday’s intra-day commerce in an in any other case range-bound market after the oil explorer reported a standalone internet revenue of Rs 12,826 crore in September quarter (Q2FY23). The state-owned oil exploration & manufacturing firm had posted revenue of Rs 18,348 crore in a 12 months in the past quarter.
“It is hereby knowledgeable that the Board of Directors of the Company at its assembly held has declared interim dividend on the fee Rs. 6.75 per fairness share of face worth of Rs. 5/- every i.e. @ 135. per cent for the Financial Year 2022-23. As knowledgeable vide letter dated 09.11.2022, for figuring out eligibility of shareholders for fee of the stated Interim Dividend Record date for the stated interim dividend is Tuesday, the twenty second November, 2022. The dividend will likely be paid to the eligible shareholders on or earlier than 13.12.2022,” ONGC knowledgeable in an trade submitting. The complete payout will likely be Rs 8,492 crore, majority of it going to the federal 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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