ONGC has posted Q3 FY22 standalone net profit of Rs. 8,764 crore, up 596.7% from Q3 FY21 and highest ever 9M net profit of Rs. 31,446 crore thereby declaring a second interim dividend of Rs. 1.75 per share. 

 

The company's standalone revenue for Q3 FY22 stands at Rs. 28,474 crore, up by 67.3% in comparison to Q3 FY21 whereas consolidated revenue for Q3 FY22 reached Rs. 145, 686, up 45.3% in comparison to Q3 FY21. 

 

During the nine months ended 31st December, 2021, the company had decided to opt for lower tax regime u/s 115 BAA of the Income Tax Act, 1961, with effect from FY 2020-21. Accordingly, the company has recognized provision for tax expenses and reassessed its net deferred tax liabilities. The net impact due to availing the option has resulted in decrease in deferred tax by Rs. 8,689 crore and decrease in current tax by Rs. 2,107 crore.

 

The Board has approved 2nd interim dividend of 35%, i.e. Rs. 1.75 on each equity share of Rs. 5. The total payout on this account will be Rs. 2,201.55 crore. This is in addition to the 1st interim dividend of Rs. 5.50 per share declared earlier in November, 2021.

 

While talking about the results, ONGC CMD, Dr. Alka Mittal said, "ONGC has drawn up plans to increase its Capex spend in the next few years. A major part of this spend will be on exploration with acquisition of new acreages; use of latest technology in seismic data Acquisition, Processing and Interpretation (API) and on development and infrastructure projects for fast tracking the monetization of discovered resources. ONGC is also in the process of incorporating a wholly owned subsidiary to focus and grow its gas business."

 

ONGC has declared a total 3 discoveries (2 in onland and 1 in offshore) during FY 2021-22 in its operated acreages. Out of three hydrocarbon discoveries notified till date during the FY 2021-22, two on-land discoveries viz. South Velpuru-2 and Gopavaram Deep-1 have already been monetized by ONGC.