ONGC posts net profit of 19,945 cr for 2018, up by 11.4% YoY

The Oil and Natural Gas Corporation (ONGC) in its 307th Board meeting chaired by Chairman-cum-Managing Director, Shashi Shankar presented annual results for the financial year 2018.  The ONGC registered net profit of 19,945 cr for 2018, up by 11.4% YoY. Last year, it had posted 17,900. It registered gross revenue of Rs  85,004 crore in FY’18, up 9.1% YoY.  Final dividend of 27% taking total dividend payout in FY’18 to 132%; 12 discoveries in FY’18, 3 so far in FY’19; 6.3% increase in Gas production from ONGC operated fields. Dividend Payout: the ONGC Board has recommended a final dividend of 27%. The Company had earlier declared interim dividends of 105% during the year; thus the total dividend for FY’18 has been 132%. Exploratory Performance: ONGC made 12 discoveries in FY’18. Of the 12 discoveries, 6 discoveries were made in onland (Nominaton-5, NELP-1) and 6 in offshore (Nomination-6, NELP- NIL). Out of 6 onland discoveries, 2 discoveries were monetized during the year itself. Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas: In FY’18, ONGC has registered an RRR in excess of ‘One’ for the twelfth consecutive year. This reflects ONGC’s strong exploratory record over the years. Production: ONGC’s overseas arm, ONGC Videsh Ltd. registered increase in production of oil and gas by 10.63% with net production of 14.164 MMTOE in FY’18, as compared to 12.803 MMTOE in FY’17. Turnover: The Company has achieved a turnover of Rs 10,418 crore during FY 2017-18 against the turnover of ` 10,080 crore during FY 2016-17 (increased by 3.35%). Profit After Tax (PAT) and Dividend:  The Company registered a PAT of Rs 981 crore in FY’18, as against a PAT of Rs 757 crore in FY’17. The Board of Directors of the Company has proposed a final dividend of Rs 2 per share on fully paid equity share par value of ` 100 each, subject to approval by the shareholders. The dividend amounts to Rs 300 crore.