ONGC Net Profit Slumps 67% To ₹ 1,378 Crore In December Quarter

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State-owned Oil and Natural Gas Corporation (ONGC) posted a 67.4 per cent year-on-year decline in standalone profit to Rs 1,378 crore in the third quarter of the current financial year. The standalone net profit stood at Rs 4,226 crore in the year-ago period. According to the company’s regulatory filing to BSE, the company’s standalone revenue from operations slipped 28 per cent in the third quarter to Rs 17,023.80 crore, compared to ₹ 23,710.05 crore in the year-ago period. The company’s quarterly performance was impacted by crude oil and natural gas prices due to the COVID-19 pandemic, as well as volatile global crude oil and natural gas markets.

The company’s approved an interim dividend of 35 per cent, or ₹ 1.75 on each equity share of ₹ 5. The total payout on the account will be ₹ 2,201.55 crore. According to the company’s statement, the record date for the distribution of dividend has been fixed for February 20, 2021. The board also approved ONGC’s acquisition of a five per cent equity stake in the Indian Gas Exchange, the country’s first and only gas exchange.

”Despite countrywide lockdown due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of crude oil from its operated blocks. The shortfall in gas production is primarily due to less offtake by customers due to the COVID-19 pandemic,” ONGC said in a statement.

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