State owned Oil and Natural Gas Corporation (ONGC) on Tuesday, reported a 20.6% sequential decline in net profit for the fourth quarter, even as revenue rose sharply and came close to the Rs 36,000 crore mark.
The company posted a net profit of Rs 6,650 crore for Q4, compared with Rs 8,371 crore in the previous quarter. Revenue from operations rose 13.9% quarter-on-quarter to Rs 35,928 crore against Rs 31,547 crore earlier.
EBITDA declined 4.5% sequentially to Rs 20,295 crore from Rs 21,247 crore, while EBITDA margin narrowed to 56.5% from 67.4% in the previous quarter.
The board also gave in-principle approval to set up a 50:50 joint venture with Gujarat Maritime Board for developing a 5 MMTPA liquid port at Dahej in Gujarat, subject to investment clearances from the JV partners and approval from DIPAM.
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Oil and Natural Gas Corporation said the proposed Dahej port will bolster the group's integrated energy operations and strengthen logistics infrastructure in the region.
In a separate decision, the board cleared a related-party transaction involving a Parent Company Guarantee by ONGC Nile Ganga BV in favour of BC-10 operator Shell Brasil Petróleo Ltda on behalf of ONGC Campos Ltda. for abandonment liabilities of up to $325 million (around ₹2,760 crore). The guarantee fee will be determined through a transfer pricing study.
ONGC Nile Ganga BV is a subsidiary of ONGC Videsh Limited, while ONGC Campos Ltda., Brazil, is a step-down subsidiary of ONGC Videsh through ONGBV.
The board of directors has recommended final dividend at the rate of Rs 1 per equity share for the financial year 2025-26, subject to the approval of shareholders at the ensuing annual general meeting.
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