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ONGC's profit increased by 78 percent in March quarter, shareholders will get huge dividends; Know the condition of shares
ONGC Q4 Result: Oil and Natural Gas Corporation (ONGC), a government oil-producing company, has made strong 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 11526.53 crore in the March 2024 quarter. It was Rs 6478.23 crore a year ago. The company has announced a huge dividend for the shareholders.
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.
