The ONGC Board of Directors approved the annual results for FY’24 at its 380th Meeting on May 20, 2024. The company achieved its highest standalone net profit of Rs. 40,526 crore for FY’24, the highest consolidated net profit of Rs. 57,101 crore. Crude Oil production in Q4 FY’24 saw an increase of 2.4% over Q4 FY’23 whereas gas production decreased by 3%.
The highest ever total dividend for FY’24 is Rs. 15,411 crore, with a total dividend would be 245% (Rs 12.25 per share of face value Rs 5 each). This includes interim dividend of 195% (Rs9.75per share) already paid during the year and final dividend of 50% (Rs. 2.50 per share) recommended by the Board.
ONGC announced 11 discoveries in its operated acreages during FY 2023-24, with 6 being prospects and 5 being new pool discoveries, out of which 6 are onland. During the fiscal year 2023-24, 7 hydrocarbon discoveries were monetized, including the 3 previously announced discoveries. The Company has achieved a turnover of Rs. 9,553 crore during FY’24. The company registered a PAT of Rs. 639 crore in FY24, down from Rs. 1660 crore in FY23, mainly due to higher impairment.
