ONGC Q2FY22 Results: Profit jumps manifold to Rs 18,348 cr, revenue grows double-digit

Oil and Natural Gas Corporation on Friday reported robust earnings for the July-September quarter of the financial year 2021-22 (Q2FY22). The topline witnessed double-digit growth while the bottom-line grew manifold during the quarter; besides it has also declared a dividend of Rs 5 per share. 

ONGC’s net profit surged manifold or 565 per cent to Rs 18348 crore in the second quarter during this fiscal as compared to Rs 2758 crore in the same quarter a year-ago period. While the company’s gross revenue jumped 44 per cent to Rs 24,353 crore from Rs 16,916 crore year-on-year. 

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During the second quarter, Crude oil price nominated realization stood at $69.36 per barrel from $41.38 per barrel year-on-year, while Crude oil price-JV (joint venture) Realization came at  $71.11 per barrel from $41.78 per barrel YoY, the company said in results statement.

ONGC said, “Board has approved an interim dividend of 110 per cent, i.e. Rs 5.50 on each equity share of Rs 5. The total payout on this account will be Rs 6,919 crore. The Record date for distribution of dividends has been fixed for 23rd November 2021 which has been intimated to the stock exchanges.

“The production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and due to Covid impact. Further delay in mobilization of MOPU Sagar Samrat to WO-16 Cluster project impacted production from this field,” ONGC said.