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ONGC profits down 67%

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New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) today reported a consolidated net profit of Rs 1378.23 crore for the third quarter ended March 31, 2012. The company’s consolidated profit fell 67.39 percent compared to the same quarter last year. ONGC posted a net profit of Rs 4,226.45 crore in the same quarter last year. The company’s total revenue also declined during the quarter compared to the same period last year. Revenue rose to Rs 18,242.21 crore from Rs 25,112.55 crore last year.

The ONGC board has approved an interim dividend of 35% per share for shareholders. The total payment of this dividend is Rs. 2,201.55 crores. The company said the dividend payment date would be February 20. However, on a consolidated basis, the company’s profit and revenue did not fall sharply when combined with HPL. The sharp fall in international crude oil prices due to Kovid has had an impact on ONGC’s performance. The ONGC board has decided to set up a separate subsidiary for its gas business.

ONGC Q3 standalone profit slumps 67%

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ONGC profits down 67%