ONGC's profit increased by 78 percent in March quarter, shareholders will get huge dividends; Know the condition of shares

Oil and Natural Gas Corporation (ONGC), a government oil extraction company, has made huge profits in the March quarter. Its consolidated net profit increased by 78 percent on an annual basis. This government company made a net consolidated profit of Rs 11,526.53 crore in the March 2024 quarter. It was Rs 6,478.23 crore a year ago.

If seen every quarter, there has been a slight increase in the company's profits. ONGC had earned a profit of Rs 11,104.50 crore in the December 2023 quarter itself. The company has also announced a dividend. It will give shareholders a final dividend of Rs 2.50 for FY 2024 on every share with a face value of Rs 5.

In the quarter ending in March, ONGC sold crude oil for $80.81 per barrel. Crude oil was being sold for $77.12 a barrel a year ago. Additionally, the company's annual crude oil production increased by 2.4 percent to 5.359 million metric tonnes (MMT). Nevertheless, if we examine the entire fiscal year 2024, a 1.6% decrease has occurred.

541 oil wells were drilled by ONGC in FY 2024. Out of the last 34, this is the highest. There were 438 developments and 103 exploratory of these. The company spent roughly Rs 37 thousand crores on capital expenditures in the most recent fiscal year. As opposed to the Rs 30,208 crore recorded in the preceding fiscal year 2023.

ONGC shares closed at Rs 279.90 on Tuesday (May 21) with a marginal rise of 0.32 percent. The company has given returns of 46 percent in the last 6 months and about 70 percent in one year. Talking about its one-year high, it is Rs 292.95. Whereas, the low level is Rs 150.05.