ONGC’s standalone net profit rises 1.6% YoY

State-owned explorer Oil and Natural Gas Corp (ONGC)’s net profit, on a standalone basis, increased 1.6% on a year-over-year (YoY) in the December-end quarter basis notwithstanding a lower oil price regime which led to lower crude price realisations.

On a standalone basis, ONGC’s net profit increased 1.6% YoY tov ₹8,372 crore in the third quarter of the ongoing financial year. Whereas, crude price realisation, from nominated fields, declined about 15.1% YoY to $61.63 per barrel during the reported quarter. Further, price of gas produced from nominated fields increased about 1.4% to $6.59 per metric million British thermal Unit (MMBtu).

The Delhi-headquartered explorer’s standalone revenues during the quarter also declined 6.4% YoY to ₹31,546 crore.

Amid the lower oil price regime, ONGC’s crude oil production on a standalone basis blipped only marginally to 4.592 million metric tonnes (MMT) during the reported quarter, as compared to 4.653 MMT during the comparable period a year ago. Whereas, standalone natural gas production stood at 4.988 BCM in the third quarter, marginally higher than 4.978 BCM in the year-ago quarter.

Along with their results, the explorer-producer also announced their second interim dividend of ₹6.25 per equity share.