ONGC net profit falls 50% to ₹4,152 crore in Q3
by Our BureauONGC has reported a ₹4,151.63 crore standalone net profit for the third quarter of financial year 2019-2020. This is 49.75 per cent lower than the ₹8,262.7 crore profit reported in the comparable quarter of the previous financial year.
Standalone total income during the period under review also declined to ₹25,112.55 crore. This is 15.98 per cent lower than the ₹29,888.21 crore total income reported in the quarter ended December 2018.
Shares of the company closed 1.99 per cent lower at ₹ 103.25 scrip during trade on Friday at the BSE.
On a consolidated basis, total income was down 7.30 per cent to ₹1,11,187.83 crore, down from ₹1,19,943.92 crore reported for the quarter ended December 2018. Consolidated net profit was reported at ₹5,383.8 crore, down 43.69 per cent from ₹9,561.73 crore reported in the comparable quarter of the previous fiscal.
“During this period, ONGC produced 5.823 million tonnes of crude oil and 6.173 billion cubic metres of natural gas. ONGC has made 10 discoveries so far in the financial year 2019-20,” a company statement said.
During the October–December 2019 quarter, ONGC’s crude oil production was down 3.5 per cent and natural gas production was lower by 7.7 per cent compared with the same quarter of the financial year 2018-19.