Q2 Results: ONGC’s Profit Rises 6% To Rs 6,263 Crore
Oil and Natural Gas Corporation Ltd.’s quarterly profit met estimates even as crude oil prices fell.
Net profit rose 6.08 percent sequentially to Rs 6,263 crore in the quarter ended September, the oil and gas explorer said in an exchange filing. Analyst estimates compiled by BloombergQuint had pegged the metric at Rs 6,267 crore.
Prices of Brent crude—the Asian benchmark—which averaged $68.47 per barrel in the quarter ended June, fell to $62.1 a barrel in the three months through September.
Revenue fell 8 percent to Rs 24,493 crore in the quarter, compared with the estimated Rs 24,718 crore. Operating profit fell 12.06 percent to Rs 13,290 crore, in line with Rs 13,102-crore estimate. Operating margin contracted to 54.26 percent from 56.91 percent in the previous quarter.
Shares of ONGC fell 1.5 percent ahead of the earnings announcement compared with the benchmark NSE Nifty Index’s 0.27 percent gain.
Other Highlights: (QoQ)
- Net realisation at $60.33/barrel versus $66.3/bbl.
- Other income rises 259 percent to Rs 2,685 crore due to dividend income.
- Exploration write-offs fell 31 percent to Rs 1,598 crore.
- Statutory levies declined 6 percent to Rs 5,861 crore.