Net Profit Zooms 565% To Rs 18,348 Crore In September Quarter

Oil and Natural Gas Corporation (ONGC) introduced its July-September quarter outcomes for the monetary 12 months 2021-22, reporting a internet revenue of Rs 18,384 crore, in comparison with Rs 2,758 crore within the corresponding interval final 12 months, marking a pointy development of 565 per cent year-on-year.The state-run oil producer's income from operations jumped 44 per cent to Rs 24,353.6 crore within the September quarter, in comparison with Rs 16,917.09 crore within the corresponding interval final 12 months, based on a regulatory submitting by the corporate to the inventory exchanges right this moment."During the quarter, the company has decided to opt for lower tax regime u/s 115BAA of the Income Tax Act, 1961, with effect from FY 2020-21. Accordingly, the company has recognized provision for tax expenses and re-measured its net deferred tax liabilities", stated ONGC in its assertion right this moment.The internet impression because of availing the choice resulted in lower in deferred tax legal responsibility by Rs 8,541 crore and reduce within the present tax legal responsibility by Rs 1,304 crore. This tax write again of Rs 7,195 crore inflated the underside line within the September quarter.ONGC benefitted from increased crude realizations and better costs of worth added merchandise. The manufacturing of each crude and gasoline declined throughout the September quarter because of COVID-related restrictions in a number of components of the nation.ONGC permitted interim dividend of 110 per cent - Rs 5.50 on every fairness share of Rs 5. The whole payout on this account will likely be Rs 6,919 crore. The file date for distribution of dividend has been mounted for November 23, 2021 and will likely be paid to the eligible shareholders on or earlier than December 11, 2021.On Friday, November 12, shares of ONGC settled 0.75 per cent at Rs 154.65 apiece on the BSE.