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ONGC Q2 Results: Profit drops 30% to 12,826 crore as government imposes windfall tax

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Oil and natural gas company (ONGC) reported a 30 percent drop in net profit for the September quarter after the government imposed a windfall tax to wipe out gains stemming from the sudden surge in international oil and gas prices. Net profit of Rs 12,825.99 crore, or Rs 10.20 per share, in July-September 2022-23 is compared to Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago, it said. company in a statement.



Its profit fell by 15.6 percent from the previous quarter of June when it reported a net profit of Rs 15,205.85 crore.

The company’s gross bill for crude oil produced rose 37.7 percent in the quarter to $95.49 a barrel, from $69.36 a barrel last year.

The state-owned ONGC sells crude oil, which is refined in refineries to produce gasoline, diesel and other petroleum products, at international benchmark rates that have skyrocketed following Russia’s invasion of Ukraine.

However, the government has introduced a new tax from July 1 to take away the gains stemming from the global rise in energy prices.

The tax, which is adjusted every 15 days to reflect changes in global oil prices, was as much as $40 a barrel when it was introduced.

The company also achieved a higher UK thermal unit price of USD 6.10 per million for natural gas it produced in July-September, compared to USD 1.79 a year ago.

Sales increased by 57.4 percent to Rs 38,321 crore. ONGC posted its highest-ever quarterly net profit for an Indian company in July-September 2021 after opting for lower income taxes rather than giving up exemptions.

As a result, the corporate tax rate came to 22 percent plus applicable surcharges and rebates, up from the previous rate of 30 percent plus applicable surcharges and rebates.

The company said the board has approved an interim dividend of 135 percent, or Rs 6.75 on each share of Rs 5 shares. The total payout will be Rs 8,492 crore, most of which will go to the government.

ONGC’s oil and gas production fell 2 percent in the second quarter of the current fiscal year. The oil production of 5.36 million tons in July-September is compared to 5.47 million tons a year ago. Similarly, gas production of 5.35 billion cubic meters in the second quarter is compared to production of 5.46 bcm in July-September 2021.

The company said it made six discoveries in the KG basin area it owns during the current fiscal year. “Of the six discoveries reported to date during FY 2022-23, two discoveries, namely Mandapeta-60 and Kesanapalli West Deep-7, have already been monetized by ONGC,” the statement said.

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