State-owned oil and natural gas explorer ONGC standalone net profit increased 17% to ₹11,984.02 crore for the September quarter, from ₹10,238.10 a year earlier, even as revenue from operations declined more than 3% to ₹33,880.88 crore (₹35,163.04 crore).
The net profit came on the back of lower statutory levies (expenses) at ₹7,829.51 crore (₹10,791.09 crore) as well as total tax expense to ₹3,051.98 crore (₹3,262.91 crore).
₹6 interim dividend
The company has declared an interim dividend of ₹6 on each equity share of ₹5. The total payout on this account will be ₹7,548 crore. November 20 has been fixed as the record date for distribution of dividend, it said.
On a consolidated basis, net profit was 38.9% lower at ₹9,878.44 crore (₹16,171.30 crore) and revenue from operations 7.25% higher at ₹1,58,329.10 crore (₹1,47,613.68 crore).
ONGC said with a focused approach and continued thrust on increasing domestic production, it was able to reverse the declining trend in crude oil production. Standalone crude oil production (excluding condensate) during the second quarter was 4.576 million tonne (4.545 MT), a growth of 0.7%. In an update on KG-DWN-98/2 Cluster-II production, the company said three oil wells of A-field of the deepwater block KG-DWN-98/2 were opened on October 30 thus enhancing total oil production to about 25,000 BOPD from eight flowing wells of cluster-II. Remaining five oil wells are planned to be opened shortly.
Published – November 11, 2024 09:36 pm IST
