ONGC Q3 standalone profit slumps 67%; declares 35% dividend
Oil and Organic Fuel Company (ONGC) has noted a standalone profit of Rs 1378.23 crore for the 3rd quarter of the economic yr 2020-2021. This is 67.39 for every cent reduce than the Rs 4226.forty five crore standalone profit in the equivalent yr-ago quarter. Standalone complete profits also declined to Rs eighteen,242.21 crore from Rs twenty five,112.fifty five crore in the exact interval a yr ago.
The ONGC Board has approved an interim dividend of 35 for every cent (Rs 1.seventy five on just about every fairness share of Rs five). The complete shell out-out for this will be Rs 2,201.fifty five Crore. The record day for distribution of dividend has been mounted for February 20, 2021, the company mentioned.
On a consolidated basis, the fall in profit and income was significantly less steep. ONGC’s consolidated internet profit for the quarter ending December 31, 2020, stood at Rs 3763.fifty three crore, down 31.06 for every cent from Rs 5459.23 crore in the yr-ago quarter. Consolidated complete profits stood at Rs 1,02,416.fifty one crore, down from Rs 1,11,225.forty six crore in the yr-ago quarter.
The consolidated benefits incorporate the earnings of Hindustan Petroleum Company (HPCL), the petroleum refining and promoting public sector enterprise acquired by ONGC in 2018.
ONGC’s efficiency has been strike by the drop in crude oil prices as Covid-19 limitations set pressure on worldwide gasoline desire during the months under critique.
The internet realisation for the quarter ending December 31, 2021, stood at $forty three.ninety one a barrel, down from $58.24 a barrel in the quarter ending December 31, 2020. Fuel prices had been also slashed by the Centre to $1.79 for every million British thermal units (mBtu), top to losses that the company bore during natural fuel exploration.
The ONGC Board also approved the development of a subsidiary for its fuel Business. The company mentioned that this new wholly-owned subsidiary of the company will concentrate on fuel and liquefied natural fuel (LNG) enterprise price chain, topic to important approvals.
“The Business is being formed with the aim of sourcing, promoting and trading of natural fuel, LNG enterprise, Hydrogen enriched CNG(HCNG), Fuel to Energy enterprise, bio-electrical power/bio-fuel/bio methane/other bio fuels enterprise, among other folks,” a company statement mentioned.
ONGC mentioned that it also will be buying five for every cent fairness in the Indian Fuel Exchange Ltd (IGX).
“As an essential stakeholder in the fuel sector, it would be significant for ONGC to participate at the Fuel trade for improvement of the fuel sector. ONGC’s pursuits towards acknowledging most price from its fuel promoting initiatives may be substantiated by means of this first fuel trading platform in the state,” ONGC mentioned.
With this, ONGC has develop into the fourth strategic companion, and the second PSU, to maintain a stake in IGX that was started as a wholly-owned subsidiary of the Indian Vitality Exchange (IEX). On January 22, IEX had declared strategic investments by Adani Total Fuel and Torrent Fuel in IGX that acquired five for every cent stake just about every. Each had acquired this stake for ₹ 3.sixty nine crore just about every. Earlier this thirty day period, GAIL (India) Minimal, the other PSU in IGX, mentioned that it also had bought five for every cent stake.
Dear Reader,
Business Common has often strived really hard to deliver up-to-day info and commentary on developments that are of curiosity to you and have broader political and economic implications for the state and the globe. Your encouragement and frequent suggestions on how to make improvements to our offering have only created our resolve and motivation to these beliefs more robust. Even during these tough moments arising out of Covid-19, we continue on to continue being dedicated to maintaining you informed and current with credible news, authoritative views and incisive commentary on topical problems of relevance.
We, having said that, have a request.
As we battle the economic effect of the pandemic, we need your aid even far more, so that we can continue on to present you far more good quality written content. Our membership product has found an encouraging response from lots of of you, who have subscribed to our on the web written content. Much more membership to our on the web written content can only help us accomplish the plans of offering you even better and far more applicable written content. We imagine in absolutely free, fair and credible journalism. Your aid by means of far more subscriptions can help us practise the journalism to which we are dedicated.
Assistance good quality journalism and subscribe to Business Common.
Digital Editor