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Home >Companies >Company Results >ONGC posts net profit of 1,378 crore in Q3; declares interim dividend of 1.75/share
For over four years, ONGC has maintained that it was in talks with Sabic and Saudi Aramco to sell a 26% stake in OPaL.reuters
For over four years, ONGC has maintained that it was in talks with Sabic and Saudi Aramco to sell a 26% stake in OPaL.reuters

ONGC posts net profit of 1,378 crore in Q3; declares interim dividend of 1.75/share

  • The company realised $43.9 on every barrel of crude oil it produced and sold in the third quarter of the current fiscal, down from $58.24 a barrel it had realised in the same period a year back
  • The turnover was down 28% at 17,024 crore

State-owned Oil and Natural Gas Corporation (ONGC) today announced its third-quarter results.

In a regulatory filing it said,that the net profit fell 52.1 % (QoQ) to 1378.23 crore. The revenues rose 0.6% to 17, 023.8 crore in third quarter.

Standalone net profit in October-December quarter at 1,378 crore was 67.4% lower than 4,226 crore net profit in the same quarter of the previous year, the company said in a statement.

The board has also approved interim dividend of 35%, i.e. 1.75 on each equity share of 5. The total payout on this account will be 2,201.55 Crore. The Record date for distribution of dividend has been fixed for 20 February, 2021 which has been intimated to the stock exchanges.

"The total payout on this account will be 2,201.55 crore," the statement said.

The company realised $43.9 on every barrel of crude oil it produced and sold in the third quarter of the current fiscal, down from $58.24 a barrel it had realised in the same period a year back.

Government-mandated gas price dropped to USD 1.79 per million British thermal unit from USD 3.23 per mmBtu rate it got in October-December 2019.

Turnover was down 28% at 17,024 crore.

"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 COVID-19 pandemic," the company said in a statement.

ONGC has declared total 8 discoveries (3 in onland, 5 in offshore) during FY 2020-21 in its operated acreages. Out of these, 4 are prospects (1 in onland, 3 in offshore) and 4 are pools (2 in onland, 2 in offshore). This new prospect discovery will add to the existing reserve base of the area and will be taken up for early monetization due to its proximity to the existing Mukta field.

On the BSE, the stock dipped 2.46% to close at 97.00 on Friday.

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