Noida, May 26 (APAC Media): Shares of Oil and Natural Gas Corporation (ONGC) fell as much as 4% to an intraday low of Rs 278 on the BSE on Wednesday, despite the state-run explorer reporting a 53% year-on-year rise in consolidated net profit for the March quarter.
The company posted a consolidated net profit of Rs 13,678 crore for Q4FY25, compared with Rs 8,965 crore in the corresponding quarter last year.
Shares of Oil and Natural Gas Corporation plunged 3.36% to Rs 277.70 on the BSE, while the stock declined 3.41% to Rs 277.60 on the NSE during intraday trade at 10:54 AM.
The company said its revenue from operations rose 3.6% year-on-year to Rs 1,73,805 crore in the March quarter of FY2025-26, compared with Rs 1,67,749 crore in the corresponding period last year.
ONGC Q4 Results: Net Profit Jumps 53% to Rs 13,678 Crore; Dividend Declared
The board recommended a final dividend of 20% or Rs 1 per share, subject to shareholders’ approval at the annual general meeting.
The total dividend for FY2025-26 stood at 265%, or Rs 13.25 per share on a face value of Rs 5 each, translating into a total payout of Rs 16,669 crore. This includes an interim dividend of 245%, or Rs 12.25 per share, amounting to Rs 15,411 crore that was already paid during the fiscal year.
Oil and Natural Gas Corporation said it has awarded the Technical Service Provider (TSP-2) contract covering the entire Western Offshore region after encouraging results from TSP-1 in the Mumbai High field.
The state-run explorer also said monetisation of gas production has commenced in record time from the Daman Upside Development Project (DUDP), a mega offshore gas project in the Western Offshore region.
The company added that projects worth Rs 33,075 crore are currently under execution in the Western Offshore region, marking the highest investment level seen in recent years.
For FY2025-26, ONGC said gas from new wells accounted for 17% of total production and contributed 21% of revenue from its nomination gas portfolio.
Meanwhile, Hindustan Petroleum Corporation Limited reported a combined Gross Refinery Margin (GRM) of US$ 8.79 per barrel for its refineries in FY2025-26, compared with US$ 5.74 per barrel in the previous fiscal year.
HPCL posted revenue from operations of Rs 478,543 crore for FY2025-26, up 2.6% from Rs 466,346 crore a year ago.
The company’s standalone net profit surged to Rs 17,175 crore, compared with Rs 7,365 crore in the previous year.
For FY2025-26, HPCL proposed a final dividend of Rs 19.25 per share, in addition to an interim dividend of Rs 5 per share.
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