Financial Insights

ONGC reports multi-fold growth in net profits in Q3 results

State owned Oil and Natural Gas Corporation published a consolidated Profit After Tax of Rs 11,637 crores, reporting an over 220% growth in its profits, for the quarter ended on December 2021 against Rs 3,637 crores for the corresponding period last year. However, its profits fell 38% QoQ as the profit for quarter ended on September 2021 was Rs 18,749 crores.

Consolidated revenue for this quarter was Rs 1.46 lakh crores against Rs 1 lakh crore for the period last year and Rs 1.22 lakh crore for the last quarter, signifying a growth in revenues. 65% of its revenues were offshore and 35% were onshore. The company’s exploration and production (E&P) reported a 67.3% growth as it generated revenue of Rs 28,408 crores. Refining and Marketing (R&M) segment reported a growth of 40.4% to generate revenues of Rs 1.29 lakh crores. Revenues from businesses outside India grew 50% YoY and 3% QoQ to Rs 4,520 crores.

Higher gas and crude prices led to an increase in the raw material costs of the company as its raw material costs grew to 21.8% of operating revenue. Employee costs declined to 1.1% of operating revenue as the company saved on statutory levies and exploration costs.

The stock has been rising steadily for the past few months as it grew 4% in the past one month. It closed 0.56% down on Friday at Rs 168.15 per share. The Board of the company declared an interim dividend of Rs 1.75 per equity share (35%) the record date for which is 22nd February, payment for which is said to be made by 12th March.

Highlight by Aman Agarwal.

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