ONGC's turnover increased from Rs 22514.2 crore (Rs 225.14 billion) in 2001-02 to Rs 34,536.4 crore (Rs 345.36 billion), up 53.4 per cent, in 2002-03, company chairman and managing director Subir Raha told a news conference in New Delhi on Monday.

The company also declared a dividend of 300 per cent amounting to Rs 4,277.80 crore (Rs 42.78 billion). Out of this, an interim dividend at the rate of 170 per cent amounting to Rs 2,424.09 crore (Rs 24.24 billion) has already been paid.

ONGC is the first Indian corporate with profits crossing the Rs 10,000 crore mark. This is the highest ever net profit and dividend recorded by any Indian corporate.

The quantum jump in the exploration and production firm's net profit was primarily due to it selling crude at international prices to domestic refiners as against a cap price of $16 a barrel paid to it during the administered pricing, previously.

"About 80 per cent of the increased turnover was because of the selling of crude and products (LPG and naphtha) at international prices," Raha said.

ONGC, which will invest Rs 16,566 crore (Rs 165.66 billion) (Rs 10,309 crore (Rs 103.09 billion) in India and Rs 6257 crore (Rs 62.57 billion) in oil fields abroad) in 2003-04, is projecting revenues to go up to Rs 37,088 crore (Rs 370.88 billion) during the current fiscal.

Net profit was projected at almost the same level as this year.