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ONGC reports 7.90% YoY decline in Q3 net profit; revenue slips 2.2% YoY

12 Feb 2024 , 02:31 PM

Oil and Natural Gas Corporation (ONGC) reported a consolidated net profit of ₹10,748 Crore in the December quarter of fiscal year 2023-24, down around 8%.

The oil and gas exploration company recorded a 2.2% decline in revenue from operations in the third quarter of the current fiscal year, totaling ₹1,65,569 Crore. This is in contrast to the ₹1,69,213 Crore registered during the same time last year.

ONGC also declared a second interim dividend of ₹4.00 per share, to be paid to qualified shareholders on or before March 10, 2024.

In the third quarter, the company's total crude oil output fell 3.3% from the previous year to 5.2 Million Metric Tonnes (MMT). Meanwhile, ONGC's total oil output in the first nine months of FY24 fell 2.9%.

The business stated that the reduction in output over the last nine months was caused by the shutdown of the Panna-Mukta offshore platforms for the commissioning of a new crude oil pipeline, Cyclone Biparjoy, and natural decline from ageing fields.

ONGC has announced its proactive measures to address the decline in output, including the implementation of well interventions and the progress of new well drilling activities. The company anticipates that the initiation of oil production from the KG-DWN-98/2 block will help mitigate the decline. ONGC declared the successful commencement of oil production from its Krishna Godavari basin block on January 7.

ONGC accounts for 67% of India's oil and 54% of its gas output. To foster future expansion, the corporation has planned an annual expenditure of almost ₹30,000 Crore.

At around 2.25 PM, ONGC was trading 2.86% lower at ₹259.90, against the previous close of ₹267.55 on NSE. The counter slipped to an intraday low of ₹256.85 in today’s trade.

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