Oil and Purely natural Gasoline Corporation (ONGC) has noted a standalone profit of Rs 1378.23 crore for the third quarter of the economic yr 2020-2021. This is 67.39 per cent lessen than the Rs 4226.45 crore standalone profit in the equivalent yr-back quarter. Standalone complete money also declined to Rs 18,242.21 crore from Rs 25,112.55 crore in the exact period a yr back.
The ONGC Board has permitted an interim dividend of 35 per cent (Rs 1.seventy five on each individual equity share of Rs five). The complete shell out-out for this will be Rs two,201.55 Crore. The history date for distribution of dividend has been preset for February twenty, 2021, the enterprise mentioned.
On a consolidated foundation, the slide in profit and revenue was fewer steep. ONGC’s consolidated net profit for the quarter ending December 31, 2020, stood at Rs 3763.53 crore, down 31.06 per cent from Rs 5459.23 crore in the yr-back quarter. Consolidated complete money stood at Rs 1,02,416.fifty one crore, down from Rs 1,eleven,225.forty six crore in the yr-back quarter.
The consolidated results contain the earnings of Hindustan Petroleum Corporation (HPCL), the petroleum refining and marketing general public sector enterprise acquired by ONGC in 2018.
ONGC’s overall performance has been hit by the decrease in crude oil price ranges as Covid-19 restrictions place strain on world gas need all through the months under critique.
The net realisation for the quarter ending December 31, 2021, stood at $43.ninety one a barrel, down from $fifty eight.24 a barrel in the quarter ending December 31, 2020. Gasoline price ranges ended up also slashed by the Centre to $1.79 per million British thermal units (mBtu), major to losses that the enterprise bore all through natural gas exploration.
The ONGC Board also permitted the formation of a subsidiary for its gas Enterprise. The enterprise mentioned that this new wholly-owned subsidiary of the enterprise will concentrate on gas and liquefied natural gas (LNG) business enterprise worth chain, matter to required approvals.
“The Company is staying shaped with the objective of sourcing, marketing and investing of natural gas, LNG business enterprise, Hydrogen enriched CNG(HCNG), Gasoline to Ability business enterprise, bio-electricity/bio-gas/bio methane/other bio fuels business enterprise, amid other folks,” a enterprise statement mentioned.
ONGC mentioned that it as well will be acquiring five per cent equity in the Indian Gasoline Exchange Ltd (IGX).
“As an vital stakeholder in the gas sector, it would be vital for ONGC to take part at the Gasoline exchange for progress of the gas sector. ONGC’s pursuits in the direction of realizing highest worth from its gas marketing attempts may well be substantiated by means of this first gas investing system in the nation,” ONGC mentioned.
With this, ONGC has turn out to be the fourth strategic spouse, and the 2nd PSU, to hold a stake in IGX that was founded as a wholly-owned subsidiary of the Indian Electrical power Exchange (IEX). On January 22, IEX experienced announced strategic investments by Adani Full Gasoline and Torrent Gasoline in IGX that acquired five per cent stake each individual. Both experienced acquired this stake for ₹ 3.sixty nine crore each individual. Previously this month, GAIL (India) Constrained, the other PSU in IGX, mentioned that it as well experienced purchased five per cent stake.
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