First Indian firm to cross milestone
State-owned ONGC today became the first Indian company to report a net profit of over Rs 10,000 crore.
Reaping windfall gains from the dismantling of the administered price mechanism in the petroleum sector, the company announced a net profit of Rs 10,529.33 crore for 2002-03, up 70 per cent from Rs 6,197.87 crore in 2001-02.
ONGC set another record today for the highest dividend payout by an Indian company. It declared a dividend of 300 per cent amounting to Rs 4,277.80 crore.
Out of this, an interim dividend at the rate of 170 per cent amounting to Rs 2,424.09 crore has already been paid.
The corporation
