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ONGC Q3 profit drops 31% to Rs 3,764 crore, revenue down 8%

ONGC Q3 results: The consolidated revenue fell by 8.4 per cent to Rs 1,00,289 crore as against Rs 1,09,466 crore in the same quarter last year

twitter-logoBusinessToday.In | February 13, 2021 | Updated 23:17 IST
ONGC Q3 profit drops 31% to Rs 3,764 crore, revenue down 8%
ONGC has declared an interim dividend of Rs 1.75 per equity share of Rs 5 each for FY21

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday reported 31 per cent year-on-year decline in its consolidated net profit at Rs 3,764 crore for the third quarter ended December 31, 2020. The oil and gas company had posted consolidated net profit of Rs 5,459 crore in the same period last year, ONGC said in a filing to the Bombay Stock Exchange (BSE).

The consolidated revenue fell by 8.4 per cent to Rs 1,00,289 crore as against Rs 1,09,466 crore in the same quarter last year.

On the standalone basis, ONGC posted 67.4 per cent YoY fall in net profit at Rs 1,378 crore, while revenue dropped by 28.2 per cent YoY to Rs 17,024 crore.

During the quarter under review, crude oil production from its operated blocks dropped by 3.3 per cent YoY to 5.632 MMT, while gas production declined by 5.9 per cent YoY to 5.809 BCM.

The company said that it has almost reached last year's production levels in case of crude oil from its operated blocks despite countrywide lockdown due to COVID-19 pandemic. The shortfall in gas production is primarily due to less offtake by customers due to pandemic, it added.

ONGC's board at the meeting today also declared an interim dividend of Rs 1.75 per equity share of Rs 5 each (or 35 per cent) for the financial year 2020-21. The record date for determining eligibility of shareholders for payment of the said dividend is February 20, 2021.The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched on or before March 15, 2021, it said.

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