Q2FY22: ONGC posts robust 565.31% rise in net profit y-o-y, declares interim dividend

• ONGC has recorded a net profit of Rs 18,347.73 crore in Q2 of FY22, up from Rs 2,757.77 crore registered in the corresponding quarter of the previous fiscal year
• In H1 of FY22, ONGC has recorded 597 percent rise in net profit at Rs 22,682.48 crore, up from Rs 3,254.35 crore recorded in the corresponding period of the previous financial year

New Delhi: Posting a robust 565.31 percent rise in net profit year-on-year in Q2 of FY22, state-run Oil & Natural Gas Corporation (ONGC) has declared an interim dividend of Rs 5.50 per equity share, ie 110 percent, for FY22. ONGC has recorded a net profit of Rs 18,347.73 crore in Q2 of FY22, up from Rs 2,757.77 crore registered in the corresponding quarter of the previous fiscal year on account of an improvement in crude oil realisation. On quarter-on-quarter basis as well, ONGC has recorded a 323.27 percent rise in net profit. 

In H1 of FY22, ONGC has recorded 597 percent rise in net profit at Rs 22,682.48 crore, up from Rs 3,254.35 crore recorded in the corresponding period of the previous financial year.

ONGC's gross revenue rises 44% in Q2 FY22 y-o-y

At Rs 24,353 crore, ONGC's gross revenue has risen by 44 percent in Q2 of FY22, up from Rs 16,916 crore recorded in the corresponding quarter of the previous financial year. In H1 of FY22, ONGC registered a gross revenue of Rs 47,375 crore, which was 58.3 percent higher than Rs 29,927 crore in the corresponding period of the previous financial year. 

In Q2 of FY22, ONGC saw its crude oil realisation improving by 67 percent year-on-year at Rs 5,139/barrel for nominated fields. For JVs, the realisation rose by almost 70 percent at Rs 5,269/barrel.

However, ONGC's crude oil production for H1 of FY22 dropped by 4.3 percent at 10.865 MMT, down from 11.351 MMT recorded in the corresponding period of the previous financial year.

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