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Oil and Natural Gas Corporation (ONGC) on Thursday reported a 64.77 per cent increase in net profit for the quarter ended December 31, 2018 at ₹8,262.70 crore, as against ₹5,014.67 crore in the same period last year.
Buoyed by the strong bottomline performance, the company’s board has declared an interim dividend of ₹5.25 per equity share of ₹5 each (105 percent).
Total income during the quarter under review stood at ₹29,918.71 crore, which is 23.76 per cent higher than the ₹24,174.94-crore top-line reported in the same quarter of the last financial year.
Tax demands
ONGC said that the company had received tax demand orders at various work centres relating to service tax or GST on royalty. The company said that it has appealed against such orders before the appropriate tribunal.
A company statement said that it has contested the demand orders at various work centres on account of service tax/GST on royalty. The total demand raised by the tax authorities, including penalty and interest up to December 31, 2018, is ₹3,846 crore for service tax and ₹3,049 crore for the GST.
Out of “abundant caution”, the company has deposited service tax and GST ‘under-protest’ amounting to ₹2,359 crore and ₹1,373 crore up to December 31, 2018.
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