Home / Companies / Company Results /  ONGC earns standalone PAT of 11,045 cr in Q3, up by 26% YoY; declares dividend of 4 per share

Leading oil and gas producer, ONGC earned a standalone net profit of 11,044.73 crore in the third quarter of FY23, rising by around 26% from a profit of 8,763.72 crore a year ago same period. The government-owned firm recorded a decline in the production of crude oil and gas. On Tuesday, the company declared a second interim dividend of 4 per equity share for FY23.

However, ONGC's PAT dropped by 13.88% as against the profit of 12,825.99 crore seen in the September 2022 quarter.

Standalone revenue from operations came in at 38,583.29 crore in Q3FY23, up by 35.51% from 28,472.91 crore in the same quarter last year. Sequentially, the revenue edged up by 0.7% from 38,320.76 crore in Q2FY23.

In its press release, ONGC said, "uncertainties and constraints across the global supply chain due to the Russia-Ukraine conflict have adversely affected the production of crude oil and gas. Significant peaks in energy prices, political stands of different nations in the aforementioned matter have significantly impacted energy productivity, affordability, and cost inflation, besides the lingering aftermath of the restrictive conditions due to the COVID pandemic."

During the third quarter, ONGC's crude oil realization (nominated) stood at $87.13 per barrel up by 15.1% YoY, while the price on GCV basis soared by a whopping 195.5% to $8.57 per mmbtu. Crude oil price realization for JV jumped by 12.2% to $84.99 per barrel.

Notably, in Q3FY23, the company's production dropped. Crude oil production plunged by 1% YoY to 5.396 MMT, while gas production slipped by 3.8% YoY to 5.356 BCM. The company's value-added products dipped by 15.9% YoY to 642 KT.

On a consolidated basis, the company's net profit attributable to owners came in at 11,489 crore up by 5.1% YoY, and gross revenue registered a growth of 16.2% YoY to 1,69,213 crore.

ONGC has declared total of 7 discoveries (4 in onland and 3 in offshore) during FY 2022-23 so far in its operated acreages. Out of these, 2 (1 in onland and 1 in offshore) are prospects and 5 (3 in onland and 2 in offshore) are pools.

In a meeting held on Tuesday, the company's board of directors approved a second interim dividend of 80%, i.e. 4.00 on each equity share for fiscal FY23.

On BSE, ONGC shares closed at 148.45 apiece broadly flat compared to the previous closing. Its market cap is over 1,86,754 crore.


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