Oil and Natural Gas Corporation, the state-owned oil and gas explorer, recorded a 6.54 percent drop in net profit at Rs 4,340 crore for the quarter ended March 2017 on account of higher expenses which rose a whopping 47 percent.
The oil and gas explorer’s income from operations increased 29 per cent to Rs 26,233 crore during the quarter while its expenses increased 47 percent to Rs 20,696 crore from Rs 14,002 crore recorded in the corresponding quarter a year ago.
For the full financial year 2016-17, the company recorded a 64 per cent increase in consolidated profit at Rs 21,478 crore as compared to the previous financial year (2015-16). Total consolidated income from operations increased to Rs 150,064 crore for the full fiscal, recording a growth of 4.3 percent as compared to the previous financial year.
“The board of directors has recommended a final dividend of Rs 0.80 per share (16 percent) which works out to Rs 1027 crore over and above interim dividend of Rs 6.75 per share (135 percent) in two phases (Rs 4.50 and Rs 2.25 per share),” ONGC said in a statement on Friday.
The company also announced its board has approved a proposal for acquisition of the entire 80 percent of Gujarat State Petroleum Corporation (GSPC) along with the operatorship rights, at a purchase consideration of Rs 6,454 crore for Deen Daya West (DDW) field in the KG-OSN-2001/3 block. Read More…