ONGC Q3 results: Net profit falls 67% YoY to Rs 1,378 crore

New Delhi: and Pure Gasoline Corp’s quarterly revenue has slumped two-thirds primarily on decrease oil and fuel costs.

ONGC October-December revenue shrank 67.4% from a 12 months earlier to Rs 1,378 crore. Revenues fell 28% to Rs 17,024 crore.

The typical value of crude oil from fields operated by ONGC slipped 1 / 4 to Rs 3,186 per barrel. The speed of oil from three way partnership fields fell 22% to Rs 3,238 per barrel. At $1.79 per mmBtu, the fuel value through the quarter was 45% decrease from a 12 months earlier.

Crude oil manufacturing through the quarter declined 3.3% from a 12 months earlier. Gasoline output shrank 6%.

The corporate has introduced an interim dividend of Rs 1.75 per fairness share. February 20 is the report date for this.

The board has authorised the organising of a wholly-owned subsidiary to supply, market, and commerce pure fuel, liquefied pure fuel, hydrogen-enriched CNG, and biofuel, the corporate stated in an announcement.

The board additionally authorised ONGC’s acquisition of a 5% fairness stake within the Indian Gasoline Alternate, the nation’s first and solely fuel alternate.

“As an essential stakeholder within the fuel sector, it might be essential for ONGC to take part within the fuel alternate for the event of the fuel sector. ONGC’s pursuits in direction of realizing most worth from its fuel advertising and marketing efforts could also be substantiated via this primary fuel buying and selling platform within the nation,” the corporate stated.

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