The oil and natural gas behemoth Oil and Natural Gas Corporation (ONGC) registered 26 per cent year-over-year (y-o-y) increase in net profit for the quarter ended December (Q3FY23) to Rs 11,045 crore. The revenue from operations increased nearly 36 per cent y-o-y to Rs 38,583.3 crore. .

The company's board has approved 2nd interim dividend of 80 per c cent, , that's is , Rs 4 on each equity share of Rs 5.00 The total payout on this account will be Rs 5,032 crore. The Record date for distribution of dividend has been fixed for 24th February, 2023. This is in addition to 1st interim dividend of Rs 6.75 per share(135 per cent) declared earlier in Nov,2022.

Total expenses for the quarter was Rs 25,322.6 crore, compared to Rs 18541.4 crore a year ago. Finance cost at Rs 689.50 crore was higher than a year ago, when the figure stood at Rs 582 crore.

The net tax outgo for the quarter was higher at Rs 3,627.31 crore, a s compared to Rs 2,659.4 crore a year ago.

Operating margin in the quarter dipped to 39.81% from 42.16% a year ago. ONGC's offshore revenue increased nearly 40% YoY to Rs 25,936 crore, and onshore revenue rose 28% to Rs 12,647.20 ..

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Operating profit of the offshore business grew 32 per cent y-o-y to Rs 12,620 crore, and that of the onshore business increased 36 per cent to Rs 2,071 crore.