December 7, 2023


Passion For Business

At Rs 18,348 cr, ONGC’s Q2 profit highest in a quarter for any Indian firm

Point out-owned Oil and All-natural Gasoline Corporation (ONGC) on Friday has reported the greatest ever quarterly income by any Indian business till date. At Rs eighteen,348 crore, the standalone internet income for the second quarter of financial calendar year 2021-22 is 565.three for every cent bigger than the Rs 2,758 crore income reported in the comparable time period of the prior financial calendar year.

On a team degree, ONGC’s consolidated internet income stood at Rs eighteen,749 crore in the time period underneath evaluate, up from Rs five,675 crore in the comparable months of past calendar year.

This return outshines the Rs 14,512.81 crore internet income that Indian Oil experienced reported in the January-March 2013 quarter. It is also considerably bigger than the Rs 14,688.02 crore internet income (Rs three,749.32 crore attributable to house owners) that Tata Steel reported in the past quarter of financial calendar year 2017-eighteen.

The ONGC Board also authorised an interim dividend of 110 for every cent or Rs five.fifty on each fairness share of Rs five. “The total payout on this account will be ₹ six,919 crore. The Document date for distribution of dividend has been fixed for November 23, 2021,” the business reported.

The bigger income is despite total oil and gas production dipping. ONGC’s total crude oil output dipped three.eight for every cent to five.forty seven million tonnes when gas production stood 7 for every cent decreased at five.467 billion cubic metres.

Standalone gross revenue for the business rose to Rs 24,353 crore in the quarter ending September 2021, up from Rs sixteen,916 crore in the exact same months of the financial calendar year 2020-21.

The bigger gains are because of improvement in crude oil rates for the duration of this time period. Realisation from nominated fields stood at $ 69.36 a barrel, up from $ 41.38 a barrel in the comparable months.

Consolidated gross revenue stood at Rs one.2 trillion, up from Rs 83,619 crore.

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