ONGC profit dives 67% to ₹1,378 cr. as oil, gas slide

State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported over 67% fall in the December quarter net profit on the back of a drop in oil and gas prices.

Standalone net profit in October-December quarter at ₹1,378 crore was 67.4% lower than the net profit in the same quarter of the previous year, the company said in a statement here.

The company realised $43.9 on every barrel of crude oil it produced and sold in the third quarter of the current fiscal, down from $58.24 a barrel it had realised in the same period a year back.

Government-mandated gas price dropped to $1.79 per million British thermal unit from $3.23 per mmBtu rate it got in October-December 2019. Turnover was down 28% at ₹17,024 crore.

The company board, at its meeting, approved an interim dividend of 35%.

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