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3:11 pm - Saturday November 24, 5134

ONGC net profit rises marginally by 3.1 pc in Q2 FY’ 18

New Delhi: The energy sector giant Oil & Natural Gas Corporation (ONGC) has recorded 3.1 per cent jump in its net profit for the second quarter of Financial year 2017-18 (Q2 FY-18). According to the result announced by the public sector undertaking for the Q2, ONGC earned net profit of Rs 5,131 crore which was Rs 4,975 in the first quarter of the said financial year.

ONGC standalone revenue for the quarter came in at Rs 18,966 crore, registering 3.1 per cent yoy (year on year) increase. This was led by increase in Onshore revenue by 6.9 per cent yoy and marginal increase in Offshore revenue by 1.5 per cent yoy.

The Board of Directors have declared an interim dividend of Rs 3 per equity share of Rs 5 each. ONGC has claimed records 8 per cent increase in Natural Gas Production whereas the increase in Crude Oil Production has been recorded 1 per cent.

ONGC has notified 9 discoveries so far in FY’18 out of which 4 discoveries have been made since last press release on 27th July, 2017 (1 new prospect and 3 new pool discoveries). Out of the four discoveries, two discoveries each have been made in offshore blocks and onshore blocks.

Posted in: Business

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