Call It Carnival Quarter For ONGC!

New Delhi: India’s Oil and Natural Gas Corp on Thursday posted a 64.8 percent surge in third-quarter profit. The oil and gas explorer’s profit grew to Rs 8,263 crore in the quarter ended December 31, compared to Rs 5,014.67 crore in the same quarter last year. ONGC’s, in a stock exchange filing, announced its earnings following Thursday’s market hours. Down 1.12 per cent, the stock settled at Rs 132.10 on the BSE. Further, the ONGC board has come out with an interim dividend of Rs 5.25 per equity share.

Higher revenue from offshore operations

ONGC’s offshore revenue advanced to Rs 18,955.86 crore in the third quarter of FY19, compared to Rs 15,920.99 crore at the same time last year. Meanwhile, Onshore revenue grew to Rs 8,738 crore from Rs 7,074.89 crore earlier.

Update on share buyback

The buyback process, which was given the green light by the ONGC board in December, will mostly be completed this month, the company said in a BSE filing. The proposal for buyback involves equity shares not going beyond 25,29,55,974 of ONGC at the price of Rs 159 per share, payable in cash for an aggregate consideration not surpassing Rs 4,022 crore.

Boosted by other income

The explorer’s revenue shot up 20.43 percent year-on-year to Rs 27,694.09 crore in the quarter. Other income jumped 88.68 per cent YoY to Rs 2,224.62 crore during the quarter.

Total income

The figure for the third quarter increased to Rs 29,918.71 crore, up from 24,174.94 crores a year back.

"Pending the final quantification of liabilities by the Arbitration Tribunal, no provision for the same has been considered necessary. However, a total amount of US$ 1,624.05 million equivalent to Rs 11,349 crore has been considered as a contingent liability," the oil firm said.