ONGC net highest ever despite fall in Q4 profits

India’s highest profit generating company ONGC having a market cap of Rs 196,049 crore today declared a record turnover of Rs 56,904 crore in the financial year 2006-07. This is an increase by 18 per cent over its previous year performance. The company registered a profit of Rs 15,643 crore which is a gain of 8 per cent over Rs 14,431 crore registered in 2005-06. The other good news that came for the stockholders was the amount of dividend declared. The company has agreed upon 310 per cent dividend amounting to Rs 6,631 crore. The payout ratio stands at 42.4 per cent and is Rs 31 per share.

The group turnover stood at Rs 86,276 crore and the profit is at Rs 17,770.

The year saw ONGC making 22 new discoveries. The crude oil production went up by nine per cent from 24.4 MMt to 26.05 MMt. The company though slipped a little on the production of natural gas from 22.57 bcm(billion cubic metres) to 22.44 bcm this year.