Oil and Natural Gas Corporation (ONGC) reported a substantial 65.5% year-on-year increase in consolidated net profit for the July-September quarter of the current financial year, reaching Rs 13,734 crore. This remarkable growth is attributed to a reduction in costs. However, revenue from operations witnessed a 13% decline, dropping to Rs 1.47 lakh crore from Rs 1.68 lakh crore in the same period last year.
The board has proposed an interim dividend of Rs 5.75 per share for the current financial year, with November 21 set as the record date.
Other income for the quarter amounted to Rs 2,515 crore, compared to Rs 2,326 crore in the corresponding period the previous year. Total expenses, including finance cost, were Rs 1.28 lakh crore for the quarter, down from Rs 1.61 lakh crore a year ago. Notably, raw material costs experienced a significant decrease, falling to Rs 39,203 crore from Rs 48,653 crore in the previous year.
In India, ONGC's earnings from the exploration and production segment declined, with offshore revenue dropping by 11% to Rs 11,638.62 crore, and onshore revenue decreasing by 7% to Rs 23,468.64 crore.
The company attributed the reduction in oil and gas output to the decline in some of its old fields. To address this decline, ONGC is taking proactive measures by implementing well interventions and advancing new well drilling activities within these fields.
(With Agency Inputs)
ALSO READ | LIC Reports Q2 Net Decline to Rs 7,925 Crore
ALSO READ | Hindalco Records Q2 Profit After Tax of Rs 847 Crore
