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Results: ONGC’s net profit down; reports profit of Rs 3,764 crore; shares up by 1.74%

12:36 PM Feb 15, 2021 | FPJ Web Desk

State-run oil company, ONGC has reported Rs 3,764 crore of consolidated net profit in third quarter of FY 2021, down by 31 per cent, compared to Rs 5,459 crore in Q3 FY2020. The gross revenue of the company was down by 8.4 per cent at Rs 1,00,289 crore in Q3 FY2021 from Rs 1,09,466 crore in Q3 FY2020.

At 12.29 pm, the share of ONGC was trading at Rs 98.70 per piece which is up by 1.70 points or 1.75 per cent.

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Meanwhile, on a q-on-q basis, the standalone net profit of the company was down by 67.4 per cent , at Rs 1,378 crore. The standalone gross revenue was reported at Rs 17,024 for Q3 of FY 2021, down by 28.2 per cent. In Q3 of FY 2020, the standalone gross revenue stood at Rs 23,710. In the nine month period of FY 2021, the company reported a gross revenue of Rs 2,46,404 crore, which is down by 23 per cent from Rs 3,20,587 crore in the nine month period of FY 2020.

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Meanwhile, the company stated that crude oil production from operated blocks reached last year’s levels, despite countrywide lockdown due to COVID-19 pandemic. The shortfall in gas production is primarily due to less offtake by customers due to COVID-19 pandemic.

The company will be paying an interim dividend of Rs 1.75 per share to its shareholders.

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