Q3 FY22 results: ONGC posts nearly 7-fold rise in net profit at Rs 8,763.72 cr

• On consolidated basis, net profit for Q3 of FY22 is Rs 11,636.67 crore, which is 220 percent higher than Rs 3,637.28 crore recorded in the December quarter of the previous financial year
• On sequential basis, ONGC has registered a 52.23 percent decline in standalone net profit in Q3 of FY22 at Rs 8,763.72 crore

New Delhi: India's oil and gas behemoth Oil & Natural Gas Corporation (ONGC) has registered nearly a seven-fold rise in standalone net profit year-on-year at Rs 8,763.72 crore, financial results declared by the company late on February 11 show. In the corresponding quarter of the previous financial year, ONGC had posted a standalone net profit of Rs 1,258.12 crore. On consolidated basis, net profit for Q3 of FY22 is Rs 11,636.67 crore, which is 220 percent higher than Rs 3,637.28 crore recorded in the December quarter of the previous financial year.

On sequential basis, ONGC has registered a 52.23 percent decline in standalone net profit in Q3 of FY22 at Rs 8,763.72 crore. The standalone net profit for the previous quarter of the current fiscal was Rs 18,347.73 crore. On consolidated basis as well, ONGC's net profit has declined by 28 percent quarter-on-quarter. The decline must be viewed in light of the fact that for the previous quarter of FY22,  ONGC had received a deferred and current tax credit of Rs 9,320 crore, which after adjustment bumped up the profit for the period. 

ONGC Q3 results: 9M period sees 597% rise in standalone net profit

For the nine-month April-December period of FY22, standalone net profit was Rs 31,446.20 crore, which was 597 percent higher in comparison to Rs 4,512.47 crore recorded in the corresponding period of the previous fiscal. On consolidated basis, ONGC posted a net profit of Rs 37,232.62 crore in April-November period of FY22, registering a 258 percent rise over Rs 10,397.21 crore recorded in the corresponding period of the previous financial year.

"The Board of Directors have declared 2nd Interim Dividend of Rs.1.75 per equity share of face value of Rs.5/- each i.e. 35 percent, for the Financial year 2021-2022," said ONGC in a regulatory filing.

Segment performance

ONGC's exploration and production (E&P) business yielded revenues of Rs 28,408 crore for the quarter, which was 67.3 percent higher on year-on-year basis and 17 percent higher on quarter-on-quarter basis. EBIT (earnings before interest and tax) for ONGC's E&P business went up by 275 percent year-on-year and by 26.5 percent quarter-on-quarter.

ONGC reported a 40.4 percent increase in Refining and Marketing (R&M) revenues year-on-year to Rs 1.29 lakh crore. Compared to the preceding quarter, the growth in R&M revenues was 22 percent. EBIT for ONGC's R&M business declined marginally by 1.2 percent year-on-year but increased sequentially by 29 percent to Rs 2,540 crore.

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