Oil and Natural Gas Corporation Limited (ONGC) on November 10 reported increase of 142.4 percent in consolidated net profit at Rs 16,553 crore in the second quarter of the financial year 2023-24.
The state-run oil and gas producer’s profit was Rs 6,830 crore in the same period last year.
Revenue from operations, however, fell 12.9 percent to Rs 1.46 lakh crore in the quarter ending September 30, from Rs 1.68 lakh crore last year, ONGC said in an exchange filing.
The company’s board approved interim dividend of Rs 5.75 per share. The record date for distribution of dividend has been fixed for 21 November 2023, said ONGC.
During the second quarter, ONGC’s total crude production dropped 2.1 percent to 5.249 million metric tonnes (MMT) from 5.360 MMT in Q2FY23. Meanwhile, ONGC’s natural gas production declined by 2.8 percent to 5.2 billion cubic meters (BCM) in the second quarter, as against 5.35 BCM last year.
The company argued that reduction in production output can primarily be attributed to decline in some of the matured fields and marginal fields. To counter this decline, ONGC said it is taking proactive steps by implementing well interventions and advancing new well drilling activities within these fields.
In India, the company’s offshore E&P segment reported EBIT came in at Rs 10,380.15 crore, while onshore EBIT was Rs 2,215.58 crore. For the refining and marketing segment, ONGC’s EBIT was Rs 8,880.37 crore in Q2, compared to loss of Rs 4.748.44 crore last year.
Shares of the company settled at Rs 195.75 per piece on the BSE, up 1.61 percent from the previous day’s close.
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