ONGC declares interim dividend
New Delhi: Oil and Natural Gas Corporation (ONGC) on Friday reported 65.5 per cent year-on-year rise in consolidated net profit at Rs 13,734 crore for the July-September quarter of the current financial year due to cost reduction.
However, revenue from operations fell 13 per cent to Rs 1.47 lakh crore from Rs 1.68 lakh crore in the same period last year.
The board has recommended an interim dividend of Rs 5.75 per share for the current financial year. The company has fixed November 21 as the record date for this.
Other income during the quarter stood at Rs 2,515 crore, compared to Rs 2,326 crore a year ago.
Total expenses for the quarter, including finance costs, stood at Rs 1.28 lakh crore, compared with Rs 1.61 lakh crore a year ago. Raw material costs declined sharply to Rs 39,203 crore from Rs 48,653 crore a year ago.
Within India, the company’s earnings from the exploration and production segment declined, with offshore revenue falling 11 per cent to Rs 11,638.62 crore and onshore revenue falling 7 per cent to Rs 23,468.64 crore.
The company said the decline in oil and gas production could be mainly attributed to declines in some of its older fields. To counter this decline, ONGC said it is taking proactive steps by implementing well interventions and pursuing new well drilling activities in these areas.
