India’s largest crude oil and natural gas company ONGC saw its shares fall up to 4.4% in today’s trade after the Public Sector Undertaking’s (PSU) financial results disappointed the markets.

ONGC was the poorest performer on the benchmark index Nifty50 on Monday, leading the pack’s losses.

The consolidated net profit for the last quarter of financial year 2023 fell 52.7% year-on-year (YoY) fall to Rs 5,701 crore from Rs 12,061 crore the same period last year. However, the earnings for FY23 were strong with revenue from operations during the reporting quarter rising 5% to Rs 1.64 lakh crore from Rs 1.55 lakh crore in the corresponding quarter of last year.

On a standalone basis, the company reported a net loss of Rs 248 crore during the March quarter, compared with a profit of Rs 8,860 crore in the same quarter last year. Standalone gross revenues rose 5% to Rs 36,293 crore in the said period.

Its operating margin fell by 354 basis points to 14.57% in Q4 FY23, from 18.11% the previous year.

ONGC’s poor performance in the March-ended quarter can be linked to a Rs 12,107 crore provision taken during the three-month period for disputed service tax and GST on royalty and interest, which had a considerable impact on the state-owned major’s bottom line.

For FY22-23, the Board has recommended a final dividend of Rs 0.5 per equity share.

Shares of the government owned Maharatna were trading 2.56% lower at Rs 159.55 at 2 pm.