ONGC Q3 2022 results: Company reports seven fold rise in profit

ONGC said in a statement that its net profit for October-December 2021 stood at Rs 8,764 crore, up 596.7 per cent from Rs 1,258 crore in the same period a year ago. ONGC received USD 75.73 for every barrel of crude oil in the third quarter of the current fiscal as compared to USD 43.20 per barrel in the corresponding period of 2020-21.

Thus, the price of gas rose to $2.90 per million British thermal units in October-December 2021, compared to $1.79 a year ago. This jump in prices more than compensates for the fall in production. Oil production fell by 3.2 percent to 54.5 million tonnes during the period under review, while gas production declined by 4.2 percent to 5.5 billion cubic metres.

ONGC said that the production of crude oil and gas declined during the current year mainly due to restrictions imposed due to cyclone and COVID pandemic.

9 Month result of the Financial Year

ONGC reported that the net profit during the first nine months of the current financial year increased to Rs 31,446 crore from Rs 4,512 crore in April-December 2020. Income grew 61.5 per cent to Rs 75,849 crore during this period.

On Friday, the last trading day of the week, the share price of ONGC was Rs 168.25. There is a loss of 0.56 percent compared to a day earlier. On a year-on-year basis, ONGC has given a return of 72.94 per cent to its investors. Amount wise, there has been an increase of Rs 70.75 per share.

At present, the market cap of ONGC is Rs 2,11,663.20 crore. ONGC’s all-time high is Rs 174.80. On January 31 this year, this price is Rs 174.80.