Oil and Natural Gas Corporation Ltd (ONGC) reported their quarterly financial result with a flatline profit in the October-December quarter due to weak crude prices offsetting the profit gain. The net profit of the state-controlled oil and gas marketer stood at Rs 8,263 crores for the December ending quarter as against the net profit of Rs. 8,265 crores in the previous quarter.
The oil and gas company, however, reported a 1.05 per cent decline in the total revenue to Rs. 27,694 crores. Although the operating profit of the company went up by 5 per cent to Rs 16,571 crores. Operating margin also expanded to 59.84 per cent from 56.4 per cent in the previous quarter.
According to the company’s statement, crude sales were down 2 per cent to 5.37 million metric tonnes sequentially. Its gas sales were up 5.5 per cent to 5.323 billion cubic metres. The company also stated that the gas prices in the previous quarter were hiked 10 per cent to $3.3 per MMBtu versus $3.06 per MMBtu.
The ONGC also announces an interim dividend of Rs 5.25 apiece. The company in a separate filing said that the record date to verify the eligibility of the shareholders is set for March 1. The said dividend is proposed to be paid on March 6.