Built Business Tough

ONGC Q3 standalone profit slumps 67%; declares 35% dividend

Oil and Pure Gasoline Company (ONGC) has reported a standalone financial gain of Rs 1378.23 crore for the 3rd quarter of the money calendar year 2020-2021. This is sixty seven.39 per cent reduced than the Rs 4226.forty five crore standalone financial gain in the comparable calendar year-ago quarter. Standalone total income also declined to Rs eighteen,242.21 crore from Rs twenty five,112.55 crore in the exact period of time a calendar year ago.

The ONGC Board has permitted an interim dividend of 35 per cent (Rs one.75 on just about every fairness share of Rs five). The total pay-out for this will be Rs two,201.55 Crore. The document date for distribution of dividend has been preset for February twenty, 2021, the firm mentioned.

On a consolidated foundation, the slide in financial gain and profits was significantly less steep. ONGC’s consolidated internet financial gain for the quarter ending December 31, 2020, stood at Rs 3763.fifty three crore, down 31.06 per cent from Rs 5459.23 crore in the calendar year-ago quarter. Consolidated total income stood at Rs one,02,416.fifty one crore, down from Rs one,eleven,225.46 crore in the calendar year-ago quarter.

The consolidated outcomes include things like the earnings of Hindustan Petroleum Company (HPCL), the petroleum refining and promoting public sector endeavor obtained by ONGC in 2018.

ONGC’s effectiveness has been hit by the decline in crude oil price ranges as Covid-19 limits put stress on global fuel desire during the months under review.

The internet realisation for the quarter ending December 31, 2021, stood at $forty three.ninety one a barrel, down from $58.24 a barrel in the quarter ending December 31, 2020. Gasoline price ranges were being also slashed by the Centre to $one.79 per million British thermal models (mBtu), main to losses that the firm bore during normal fuel exploration.

The ONGC Board also permitted the formation of a subsidiary for its fuel Enterprise. The firm mentioned that this new wholly-owned subsidiary of the firm will concentration on fuel and liquefied normal fuel (LNG) small business price chain, issue to required approvals.

“The Company is currently being formed with the objective of sourcing, promoting and trading of normal fuel, LNG small business, Hydrogen enriched CNG(HCNG), Gasoline to Electrical power small business, bio-strength/bio-fuel/bio methane/other bio fuels small business, amongst other people,” a firm assertion mentioned.

ONGC mentioned that it far too will be acquiring five per cent fairness in the Indian Gasoline Trade Ltd (IGX).

“As an important stakeholder in the fuel sector, it would be significant for ONGC to participate at the Gasoline exchange for progress of the fuel sector. ONGC’s passions to realizing utmost price from its fuel promoting attempts may possibly be substantiated through this first fuel trading platform in the place,” ONGC mentioned.

With this, ONGC has become the fourth strategic spouse, and the next PSU, to hold a stake in IGX that was established as a wholly-owned subsidiary of the Indian Power Trade (IEX). On January 22, IEX experienced introduced strategic investments by Adani Complete Gasoline and Torrent Gasoline in IGX that obtained five per cent stake just about every. The two experienced obtained this stake for ₹ 3.sixty nine crore just about every. Previously this thirty day period, GAIL (India) Constrained, the other PSU in IGX, mentioned that it far too experienced purchased five per cent stake.

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