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ONGC net profit jumps nearly 7-fold to Rs.87.6 bn in Q3

State-owned energy major Oil & Natural Gas Corp reported a multifold rise in its standalone net profit for the quarter ended December to Rs.87.64 billion.

ONGC net profit jumps nearly 7-fold to Rs.87.6 bn in Q3
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State-owned energy major Oil & Natural Gas Corp reported a multifold rise in its standalone net profit for the quarter ended December to Rs.87.64 billion.

Its total revenue during the third quarter of FY22 stood at ₹284.74 billion, 67.3% higher on a year-on-year basis.

A company statement said that the board has approved the second interim dividend of Rs. 1.75 per share of Rs. 5 face value. ONGC has fixed 22 February, 2022 as the record date for paying the dividend.

This is in addition to the first interim dividend of Rs. 5.50 per share declared earlier in November 2021.

On Friday, shares of the company closed at Rs. 168.25 on the BSE, down 0.56% from the previous close in a weak market.

On the operations front, the company said the production of crude oil and gas has declined during the current year primarily due to restrictive conditions created by cyclone Tauktae, pandemic, delay in mobilisation of MOPU (mobile offshore production unit) Sagar Samrat to WO-16 cluster project, modification work at Hazira and reservoir issues in S1 Vashistha fields in the eastern offshore.

During the ongoing financial year, ONGC has declared three discoveries -- two onland and one offshore -- in its operated acreages, said the statement.

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