ONGC posts net profit of Rs 11044.73 crore in December quarter

15 Feb 2023 , 03:28 AM

ONGC, a leading oil and gas producer, earned a standalone net profit of Rs11,044.73 crore in the third quarter of FY23, up around 26% from a profit of Rs8,763.72 crore in the same period last year. 

The government-owned company reported a decrease in crude oil and gas production. The company declared a second interim dividend of Rs4 per equity share for FY23 on Tuesday.

However, ONGC’s PAT fell by 13.88% compared to the profit of Rs12,825.99 crore recorded in the September 2022 quarter.

In Q3FY23, standalone revenue from operations was Rs38,583.29 crore, up 35.51% from Rs28.472.91 crore in the same quarter last year. Revenue increased by 0.7% sequentially from Rs38,320.76 crore in Q2FY23.

On a consolidated basis, the company’s net profit attributable to owners increased by 5.1% year-on-year to Rs11,489 crore, while gross revenue increased by 16.2% year-on-year to Rs1,69,213 crore.

Company’s crude oil production fell 1% year on year to 5.396 MMT, while gas production fell 3.8% year on year to 5.356 BCM. The value-added products of the company fell 15.9% year on year to 642 KT.

At around 3.30 PM, ONGC was trading 0.71% lower at Rs147.40, against the previous close of Rs148.45 on NSE.

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