At Rs 18,348 crore, ONGC’s second quarter profit highest in any quarter

At Rs 18,348 crore, ONGC’s second quarter profit highest in any quarter

State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported the highest ever quarterly profit by any Indian company. At Rs 18,348 crore, the standalone net profit for the second quarter of FY 2021-22 is 565.3 per cent higher than the profit of Rs 2,758 crore reported in the comparable period of the previous fiscal.
At the group level, ONGC’s consolidated net profit stood at Rs 18,749 crore for the period under review, as against Rs 5,675 crore in the comparable months of the previous year.


This return is higher than IndianOil’s net profit of Rs 14,512.81 crore in the January-March 2013 quarter. This is also significantly higher than the net profit of Rs 14,688.02 crore (Rs 3,749.32 crore attributable to the owners) that Tata Steel reported in the last quarter of FY 2017-18.
The ONGC board also approved an interim dividend of 110 per cent or Rs 5.50 per equity share of Rs 5 each. “The total payout on this account will be ₹6,919 crore. The record date for distribution of dividend has been fixed as November 23, 2021,” the company said.
The higher profit is despite a decline in total oil and gas production. ONGC’s total crude oil production declined by 3.8 per cent to 5.47 million tonnes, while gas production declined by 7 per cent to 5.467 billion cubic metres.
The company’s standalone gross revenue rose to Rs 24,353 crore for the quarter ended September 2021, from Rs 16,916 crore in the same months of FY 2020-21.
Higher gains are on account of correction in crude oil prices during this period. Realizations from nominated fields rose to $69.36 a barrel from $41.38 a barrel in the same months.
Consolidated gross revenue increased to Rs 1.2 trillion from Rs 83,619 crore.

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