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ONGC Q2 profit slips 37% to Rs 5,486 crore, revenue down 10%

BusinessToday.In     November 14, 2019

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday reported 37 per cent year-on-year decline in its consolidated net profit at Rs 5,486.55 crore for the second quarter ended September 30, 2019.

"The oil and gas company had posted consolidated net profit of Rs 8,730.83 crore in the year-ago period," ONGC said in a filing to the Bombay Stock Exchange (BSE).

ONGC's consolidated revenue from operation fell by 10.5 per cent to Rs 101,554 crore as against Rs 113,471 crore in the same quarter last year.

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On standalone basis, net profit declined 24 per cent YoY to Rs 6,263.13 crore, while revenue slipped by 12.49 per cent to Rs 24,492 crore on the yearly basis.

While revenue from offshore operations fell 15.78 per cent to Rs 16,013.85 crore, onshore operations' revenue dipped 5.51 per cent to Rs 8,478.77 crore during the quarter under review.

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Total expenditure increased to Rs 18,139.65 crore in Q2FY20 from Rs 17,678.36 crore in a year-ago period.

Ahead of Q2 earnings announcement, shares of ONGC ended 1.83 per cent lower at Rs 136.25 apiece on the BSE on Thursday.

Edited by Chitranjan Kumar

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