July 17, 2024

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ONGC Q3 standalone profit slumps 67{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654}; declares 35{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} dividend

Oil and Natural Gasoline Company (ONGC) has documented a standalone earnings of Rs 1378.23 crore for the third quarter of the economical calendar year 2020-2021. This is 67.39 for each cent decrease than the Rs 4226.45 crore standalone earnings in the similar calendar year-back quarter. Standalone overall cash flow also declined to Rs eighteen,242.21 crore from Rs twenty five,112.fifty five crore in the exact same interval a calendar year back.

The ONGC Board has accredited an interim dividend of 35 for each cent (Rs one.75 on every fairness share of Rs five). The overall shell out-out for this will be Rs 2,201.fifty five Crore. The report day for distribution of dividend has been preset for February twenty, 2021, the company mentioned.

On a consolidated basis, the tumble in earnings and revenue was less steep. ONGC’s consolidated internet earnings for the quarter ending December 31, 2020, stood at Rs 3763.fifty three crore, down 31.06 for each cent from Rs 5459.23 crore in the calendar year-back quarter. Consolidated overall cash flow stood at Rs one,02,416.51 crore, down from Rs one,11,225.forty six crore in the calendar year-back quarter.

The consolidated outcomes consist of the earnings of Hindustan Petroleum Company (HPCL), the petroleum refining and promoting public sector endeavor acquired by ONGC in 2018.

ONGC’s functionality has been strike by the drop in crude oil selling prices as Covid-19 limitations place tension on global fuel demand throughout the months underneath evaluate.

The internet realisation for the quarter ending December 31, 2021, stood at $forty three.91 a barrel, down from $58.24 a barrel in the quarter ending December 31, 2020. Gasoline selling prices ended up also slashed by the Centre to $one.79 for each million British thermal units (mBtu), leading to losses that the company bore throughout organic fuel exploration.

The ONGC Board also accredited the development of a subsidiary for its fuel Company. The company mentioned that this new wholly-owned subsidiary of the company will concentration on fuel and liquefied organic fuel (LNG) company value chain, subject matter to essential approvals.

“The Business is staying fashioned with the goal of sourcing, promoting and buying and selling of organic fuel, LNG company, Hydrogen enriched CNG(HCNG), Gasoline to Electrical power company, bio-electrical power/bio-fuel/bio methane/other bio fuels company, among many others,” a company statement mentioned.

ONGC mentioned that it way too will be acquiring five for each cent fairness in the Indian Gasoline Exchange Ltd (IGX).

“As an vital stakeholder in the fuel sector, it would be critical for ONGC to take part at the Gasoline trade for development of the fuel sector. ONGC’s passions in direction of acknowledging most value from its fuel promoting endeavours may perhaps be substantiated by means of this to start with fuel buying and selling system in the state,” ONGC mentioned.

With this, ONGC has turn into the fourth strategic companion, and the second PSU, to maintain a stake in IGX that was launched as a wholly-owned subsidiary of the Indian Energy Exchange (IEX). On January 22, IEX had announced strategic investments by Adani Overall Gasoline and Torrent Gasoline in IGX that acquired five for each cent stake every. Both had acquired this stake for ₹ 3.69 crore every. Earlier this thirty day period, GAIL (India) Restricted, the other PSU in IGX, mentioned that it way too had purchased five for each cent stake.

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