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Business News/ Companies / ONGC posts near three-fold rise in Q3 profit at Rs4,352 crore
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ONGC posts near three-fold rise in Q3 profit at Rs4,352 crore

ONGC declares an interim dividend of Rs2.25 on each share of Rs5, leading to a payout of Rs2,887 crore

ONGC’s gross revenue for the December quarter this year jumped 9% from a year ago to Rs20,014 crore. Photo: BloombergPremium
ONGC’s gross revenue for the December quarter this year jumped 9% from a year ago to Rs20,014 crore. Photo: Bloomberg

New Delhi: State-owned energy explorer Oil and Natural Gas Corp. (ONGC) Tuesday posted a near three-fold increase in quarterly net profit despite a slight dip in crude oil output as realisations rose sharply on account of higher global prices.

Net profit in the December quarter rose 197% to Rs4,352 crore from Rs1,466 crore a year ago. While total crude oil output contracted 1.9% to 6.4 million tonnes from a year ago, net realisation rose 16.8% to $51.8 a barrel.

Gross revenue for the December quarter this year jumped 9% from a year ago to Rs20,014 crore.

ALSO READ: ONGC to invest Rs78,000 crore in KG basin, signs deal with Andhra Pradesh

ONGC declared an interim dividend of Rs2.25 on each share of Rs5, leading to a payout of Rs2,887 crore, out of which the central government will receive Rs1,973 crore in line with its 68.34% shareholding in the company.

Gas production jumped 4.4% in the December quarter to 6.025 billion cubic meters from a year ago. Gas price, however, came down 35% in the third quarter this year to $2.5 per million British thermal unit from $3.82 a year ago.

ALSO READ: Domestic oil explorers seek tax sops in Budget 2017

The company also said it will invest $66 million or Rs474 crore for developing its Western offshore field B-173A , which is expected to go on production from February 2019. The cumulative production from this field till 2031-32 is pegged at 0.76 million tonne of oil and 0.21 billion cubic metres of gas, ONGC said. The company has so far this financial year notified 16 hydrocarbon discoveries for future development.

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ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Published: 31 Jan 2017, 09:23 PM IST
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