NGO Q2 Autonomous Network Rises 565% to Rs 18,348 crore on Higher Crude Oil Prices

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Oil and Natural Gas Corporation (ONGC) reported a 565.3% increase in autonomous net profit for the second quarter of fiscal year 2021-22. The public sector firm reported a net profit of Rs 18,348 crore in the quarter under review, compared to Rs 2,758 crore in the comparable period of the previous financial year.

The The board also approved an interim dividend of 110% or 5.50 rupees on each share of 5 rupees. “The total payment to this account will be Rs 6,919 crore. The record date for the dividend distribution has been set for November 23, 2021,” the company said.

The higher profit is falling despite the total oil and gas production. NGO’s total crude oil production fell 3.8% to 5.47 million tons, while gas production fell 7% to 5.467 billion cubic meters.

Gross autonomous revenues for the company rose to Rs 24,353 crore in the quarter ending September 2021, up from Rs 16,916 crore in the same months of fiscal year 2020-21.

The biggest gains are due to the improvement in crude oil prices during this period. The realization of the nominated fields stood at $ 69.36 a barrel, up from $ 41.38 a barrel in comparable months.

At the group level, ONGC’s consolidated net profit stood at Rs 18,749 crore in the period under review, compared to Rs 5,675 crore in the comparable months of last year.

Consolidated gross income stood at Rs 1.22.029 crore, up from Rs 83.619 crore.

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