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ONGC Net Profit Rises 26% In Q3 YoY
ONGC’s profit was lower than the Rs 12,825.99 crore earnings in Q2 FY23
Photo Credit : Rohit Chintapali | BW Businessworld
Oil and Natural Gas Corporation (ONGC) on Tuesday said that it registered a 26 per cent increase in its Q3 FY23 net profit on the back of a rise in oil and natural gas prices.
The company’s posted net profit of Rs 11,044.73 crore in Q3 FY23 compared to Rs 8,763.72 crore in the corresponding quarter last fiscal.
ONGC’s profit was lower than the Rs 12,825.99 crore earnings in Q2 FY23.
The company said that the rise its profitability came about due to higher realisation on crude oil and gas the firm produces and sells. This offset the continuing decline in oil and gas production.
ONGC made USD 87.13 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from USD 75.73 a barrel realisation in the year-ago period.
Meanwhile, ONGC’s standalone revenue increased 36 per cent to Rs 38,583 crore from Rs 28,473 crore in the year-ago period. But revenue was almost flat on sequential basis.
On a consolidated basis, the company's net profit attributable to owners came in at Rs 11,489 crore up by 5.1 per cent YoY, and gross revenue registered a growth of 16.2 per cent YoY to Rs 1,69,213 crore.