ONGC's Q3FY21 standalone YoY net profit down by over 67%

Diversified energy major ONGC on Saturday reported a decline of 67.4 per cent in its standalone net profit for Q3FY21 on a year-on-year basis.

According to the company, the standalone Q3FY21 net profit fell to Rs 1,378 crore against Rs 4,226 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues declined 28.2 per cent to Rs 17,024 crore against Rs 23,710 crore in FY20.

"Despite countrywide lockdown due to Covid-19 pandemic, ONGC has almost reached last year's production levels in case of crude oil from its operated blocks," the company said in a statement.

"The shortfall in gas production is primarily due to less offtake by customers due to Covid-19 pandemic."

On a consolidated basis, the company reported a rise of 31 per cent in its Q3FY21 net profit to Rs 3,764 crore from Rs 5,459 crore on a YoY basis.

However, the consolidated net profit attributable to owners was down 46.9 per cent to Rs 2,643 crore from Rs 4,979 crore reported for the corresponding period of the previous year.

In addition, the consolidated gross revenues declined 8.4 per cent to Rs 1,00,289 crore against Rs 1,09,466 crore in FY20.

"Board has approved interim dividend of 35 per cent, i.e. Rs 1.75 on each equity share of Rs 5."

"The total payout on this account will be ? 2,201.55 crore. The record date for distribution of dividend has been fixed for 20th February, 2021 which has been intimated to the stock exchanges."