State-run Oil and Natural Gas Corporation (ONGC) reported a 53% drop in its consolidated net profit to Rs 5,701 crore in Q4FY23 from Rs 12,061.44 crore a year ago.

The company reported an increase in its consolidated total revenue to Rs 166,728.80 crore in Q4FY23 as compared to Rs 158,660.49 crore in the same period last year.

On a stand-alone basis, the company reported a net loss of Rs 248 crore for the fourth quarter ending March 2023 (Q4FY23), compared to a net profit of Rs 8,860 crore in the same period last year.

The state-owned oil and gas major’s standalone total revenue rose 5.2% to Rs 36,293 crore from Rs 34,497 crore a year earlier.

It said its profit was hit by a provision of Rs 12,107 crore for the disputed Service Tax and GST on royalties and interest for the period April 1, 2016, to March 31, 2023.

The company also said it is prudent to do so, adding that “it shall continue to contest such contentious matters in various forums, subject to legal advice”.

The company’s board of directors has recommended a final dividend of Rs 0.5 per share for FY22-23. The total dividend for FY23 is 225% (Rs 11.25 per share at Rs 5 face value), giving a total payout of Rs 14,153 crore. This includes the 215% interim dividend of Rs 10.75 per share paid during the year.

During FY22-23, ONGC announced a total of eight discoveries, five on land and three at sea. Of these, three are prospects (two on land and one offshore), while five are mining pools (three on land and two offshore).

Crude oil (Nominated) realised prices for the quarter were $77.12 per barrel, down 18.8% from $94.98 per barrel in the same period last year.

In rupee terms, the average realised crude oil price was Rs 6,344 per barrel, down 11.2% year-on-year.

Total crude oil production remained at 5.23 million metric tons (mmt) for the quarter, compared to 5.39 million metric tons (mmt) a year earlier.

Gas production fell 1.5% year-on-year to 5.26 billion cubic meters (BCM) in the quarter, compared with 5.33 BCM a year ago.

The output of value-added products fell 18.7% year-on-year to 612 kilotons (KT) from 753 KT.

On May 26, ONGC shares closed at Rs 163.75 on the National Stock Exchange, down Rs 2.25 (-1.36%) from the previous close.