ONGC Q3 FY 23 profit stays flat at Rs 11,665cr

Oil and Natural Gas Corporation (ONGC) has reported a net profit of INR 11,665 crores for the third quarter of the financial year 2022-2023 (Q3 FY 23), which is a marginal increase of 0.2% compared to INR 11,637 crores in the same period of the previous financial year.

In the preceding quarter, that is Q2 FY 23, the Indian state-owned oil and gas firm had a net profit of INR 12,826 crores.

The gross revenue of ONGC during the reported period was INR 1,69,213 crores, which is an increase of 16.2% compared to INR 1,45,673 crores made in Q3 FY 22.

ONGC’s board has approved second interim dividend of 80%, which translates to INR 4 on each equity share of INR 5. The total payout on the account will be INR 5,032 crores, said the Indian energy company.

ONGC Q3 FY 23 results. Photo courtesy of Deepak G Goswami/Wikimedia Commons.

During FY 2022-23, ONGC has so far announced a total of seven hydrocarbon discoveries in its operated acreages, of which four are onshore and the remaining three are offshore.

Recently, ONGC commissioned its Sagar Samrat offshore drilling rig as a mobile offshore production unit (MOPU), which commenced producing from the WO-16 cluster in the Arabian Sea.