ONGC Q3 FY22 net profit surges 597% to Rs 8,764cr

Oil and Natural Gas Corporation (ONGC) has reported a net profit of INR 8,764 crores for the third quarter of the fiscal year 2022 (Q3 FY22), an increase of 596.7% compared to INR 1,258 crores in the same period of the previous fiscal year.

For the reported period, the Indian state-owned oil and gas company earned gross revenue of INR 28,474 crores, which is a 67.3% growth compared to INR 17,024 crores earned in Q3 FY21.

ONGC has declared a second interim dividend of INR 1.75 per share.

During the current fiscal year, ONGC has made three discoveries, two are onshore, which are namely the South Velpuru-2 and Gopavaram Deep-1 discoveries, and the remaining one is offshore, which is the VGN-1 discovery in the Mumbai offshore Basin.

ONGC Q3 FY22 net profit surges 597% to Rs 8,764cr. Photo courtesy of Deepak G Goswami/Wikipedia.org.

Dr. Alka Mittal — ONGC CMD said that the company has outlined plans to boost its capex spend in the next few years.

Alka Mittal stated: “A major part of this spend will be on exploration with acquisition of new acreages; use of latest technology in seismic data Acquisition, Processing and Interpretation (API) and on development and infrastructure projects for fast tracking the monetization of discovered resources.

“ONGC is also in the process of incorporating a wholly owned subsidiary to focus and grow its gas business.”

Last month, ONGC awarded a contract to Larsen & Toubro’s fully-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) for the seventh development phase of its Pipeline Replacement Projects (PRP-VII).