ONGC Q2 net profit rises over 3% to Rs5,131 crore
ONGC’s net profit of Rs5,131 crore in the September quarter was 3.1% higher than Rs4,975 crore in the same period last year
New Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) on Saturday reported a 3.1% rise in its second quarter net profit as impressive gain from rising oil prices were taken away by fall in government mandated natural gas rates.
Net profit of Rs5,131 crore in July-September was 3.1% higher than Rs4,975 crore in the same period last year, the company said in a press statement in New Delhi. Revenue was up 3.1% at Rs18,966 crore.
ONGC got $51.22 for every barrel of crude oil it produced in the quarter, up 6.9% over $47.92 per barrel realisation in September quarter of the last fiscal. For the fields operated jointly with private firms, the realisation was up 8.5% to $45.89 per barrel. But the company got $2.48 per million British thermal unit for natural gas produced during July-September, down from $3.06 realised a year back.
ONGC said oil production was up almost 1% to 6.45 million tonnes in Q2 while natural gas output was up 7.7% at 6.25 billion cubic metres. The company board approved an interim dividend of 60% — Rs3 on each equity share of Rs5. “The total payout on this account will be Rs 3,850 crore,” the statement said.
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