At Rs 18,348 cr, ONGC’s Q2 profit highest in a quarter for any Indian firm

At Rs 18,348 cr, ONGC’s Q2 profit highest in a quarter for any Indian firm

State-owned Oil and Natural Gas Corporation (ONGC) on Friday has reported the highest ever quarterly profit by any Indian company till date. At Rs 18,348 crore, the standalone net profit for the second quarter of financial year 2021-22 is 565.3 per cent higher than the Rs 2,758 crore profit reported in the comparable period of the previous financial year.

On a group level, ONGC’s consolidated net profit stood at Rs 18,749 crore in the period under review, up from Rs 5,675 crore in the comparable months of last year.

This return outshines the Rs 14,512.81 crore net profit that Indian Oil had reported in the January-March 2013 quarter. It is also significantly higher than the Rs 14,688.02 crore net profit (Rs 3,749.32 crore attributable to owners) that Tata Steel reported in the last quarter of financial year 2017-18.

The Board also approved an interim dividend of 110 per cent or Rs 5.50 on each equity share of Rs 5. “The total payout on this account will be ₹ 6,919 crore. The Record date for distribution of dividend has been fixed for November 23, 2021,” the company said.

The higher profit is despite total production dipping. ONGC’s total crude oil output dipped 3.8 per cent to 5.47 million tonnes while gas production stood 7 per cent lower at 5.467 billion cubic metres.

Standalone gross revenue for the company rose to Rs 24,353 crore in the quarter ending September 2021, up from Rs 16,916 crore in the same months of the financial year 2020-21.

The higher gains are because of improvement in crude oil prices during this period. Realisation from nominated fields stood at $ 69.36 a barrel, up from $ 41.38 a barrel in the comparable months.

Consolidated gross revenue stood at Rs 1.2 trillion, up from Rs 83,619 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link