ONGC Approves Interim Dividend Of Rs 6 Per Share

The board of directors of Oil & Natural Gas Corp. approved on Monday the first interim dividend of financial year 2024–25 at Rs 6 per share. The record date has been set at Nov. 20 to determine the eligibility of shareholders.

The company will shell out Rs 7,548 crore in interim dividend to nearly 28 lakh shareholders.

In the previous fiscal, the state-owned oil producer rewarded shareholders with two interim dividends of Rs 4 and Rs 5.75 per share. It also paid a final dividend of Rs 2.5 for the last fiscal.

The government owns 58.89% equity in ONGC, which means it will garner Rs 4,445 crore through the interim dividend.

ONGC's consolidated net profit rose 0.69% sequentially to Rs 9,878.4 crore in the quarter ended September, compared to Rs 9,810 crore in the previous quarter. The marginal uptick in profits was on the back of higher deferred taxes at Rs 459.8 crore, which helped reduced total taxes payable.

Revenue declined 5.78% to Rs 1.58 lakh crore, compared to Rs 1.68 lakh crore in the previous period.

On the operating side, the Ebitda also fell by 5.18%, reaching Rs 20,506.8 crore, down from Rs 21,626.6 crore. However, the margin improved slightly to 12.95%, up by 8 basis points from 12.87%.

Shares of ONGC closed 2.08% lower at Rs 256.90 apiece on the BSE ahead of the announcement, compared to a flat benchmark BSE Sensex.