Oil and Pure Fuel Company (ONGC) reported 30 per cent fall in web revenue for September quarter after the federal government levied windfall tax to remove beneficial properties arising from spurt in worldwide oil and fuel costs.
Internet revenue of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is in contrast with Rs 18,347.73 crore, or Rs 14.58 per share web revenue in the identical interval a 12 months again, the corporate mentioned in a press release.
Revenue fell 15.6 per cent over the previous June quarter when it had reported Rs 15,205.85 crore web revenue.
The corporate’s gross billing for crude oil it produced soared 37.7 per cent to USD 95.49 per barrel within the quarter from USD 69.36 a barrel final 12 months.
State-owned ONGC sells crude oil, which is refined at refineries to provide petrol, diesel and different petroleum merchandise, at worldwide benchmark charges which soared following Russian invasion of Ukraine.
Nevertheless, the federal government starting July 1 introduced a brand new tax to remove beneficial properties accruing from international vitality value surge.
The tax, which is moderated each 15 days in line with adjustments in international oil costs, was as excessive as USD 40 per barrel when the tax was launched.
The agency additionally realised a better USD 6.10 per million British thermal unit value for pure fuel it produced in July-September as in comparison with USD 1.79 a 12 months again.
Income was up 57.4 per cent to Rs 38,321 crore. ONGC had in July-September 2021 posted highest ever quarterly web revenue by any Indian company after it opted for decrease earnings tax in lieu of giving up exemptions.
In consequence, its company earnings tax charge got here to 22 per cent plus relevant surcharge and cess as towards the sooner charge of 30 per cent plus relevant surcharge and cess.
The agency mentioned its board has accredited an interim dividend of 135 per cent, or Rs 6.75 on every fairness share of Rs 5. The whole payout might be Rs 8,492 crore, majority of it going to the federal government.
ONGC’s oil and fuel manufacturing dropped 2 per cent in second quarter of present fiscal 12 months. Oil manufacturing of 5.36 million tonne in July-September is in contrast with 5.47 million tonne output a 12 months again. Equally, fuel manufacturing of 5.35 billion cubic meters in Q2 is in contrast with 5.46 bcm output in July-September 2021.
The agency mentioned it made six discoveries throughout present fiscal 12 months within the KG basin acreage it holds. “Out of six discoveries notified until date throughout FY 2022-23, two discoveries viz. Mandapeta-60 and Kesanapalli West Deep-7 have already been monetized by ONGC,” the assertion mentioned.