ONGC Q3 standalone profit slumps 67{d5f2c26e8a2617525656064194f8a7abd2a56a02c0e102ae4b29477986671105}; declares 35{d5f2c26e8a2617525656064194f8a7abd2a56a02c0e102ae4b29477986671105} dividend
Oil and Natural Fuel Corporation (ONGC) has described a standalone profit of Rs 1378.23 crore for the third quarter of the money calendar year 2020-2021. This is sixty seven.39 for every cent decreased than the Rs 4226.forty five crore standalone profit in the equivalent calendar year-back quarter. Standalone overall income also declined to Rs eighteen,242.21 crore from Rs 25,112.fifty five crore in the very same period a calendar year back.
The ONGC Board has permitted an interim dividend of 35 for every cent (Rs one.75 on each fairness share of Rs five). The overall spend-out for this will be Rs 2,201.fifty five Crore. The file date for distribution of dividend has been mounted for February twenty, 2021, the organization explained.
On a consolidated foundation, the tumble in profit and profits was considerably less steep. ONGC’s consolidated web profit for the quarter ending December 31, 2020, stood at Rs 3763.53 crore, down 31.06 for every cent from Rs 5459.23 crore in the calendar year-back quarter. Consolidated overall income stood at Rs one,02,416.51 crore, down from Rs one,11,225.46 crore in the calendar year-back quarter.
The consolidated results contain the earnings of Hindustan Petroleum Corporation (HPCL), the petroleum refining and advertising and marketing community sector enterprise acquired by ONGC in 2018.
ONGC’s efficiency has been strike by the decline in crude oil price ranges as Covid-19 constraints set stress on world-wide gasoline demand from customers in the course of the months below assessment.
The web realisation for the quarter ending December 31, 2021, stood at $43.91 a barrel, down from $fifty eight.24 a barrel in the quarter ending December 31, 2020. Fuel price ranges ended up also slashed by the Centre to $one.79 for every million British thermal units (mBtu), primary to losses that the organization bore in the course of normal gasoline exploration.
The ONGC Board also permitted the development of a subsidiary for its gasoline Organization. The organization explained that this new wholly-owned subsidiary of the organization will focus on gasoline and liquefied normal gasoline (LNG) company price chain, subject to required approvals.
“The Enterprise is getting formed with the objective of sourcing, advertising and marketing and buying and selling of normal gasoline, LNG company, Hydrogen enriched CNG(HCNG), Fuel to Electrical power company, bio-vitality/bio-gasoline/bio methane/other bio fuels company, amongst other people,” a organization assertion explained.
ONGC explained that it way too will be purchasing five for every cent fairness in the Indian Fuel Exchange Ltd (IGX).
“As an vital stakeholder in the gasoline sector, it would be significant for ONGC to take part at the Fuel exchange for growth of the gasoline sector. ONGC’s interests to realizing optimum price from its gasoline advertising and marketing initiatives might be substantiated through this very first gasoline buying and selling platform in the region,” ONGC explained.
With this, ONGC has turn into the fourth strategic associate, and the next PSU, to keep a stake in IGX that was started as a wholly-owned subsidiary of the Indian Electrical power Exchange (IEX). On January 22, IEX had declared strategic investments by Adani Full Fuel and Torrent Fuel in IGX that acquired five for every cent stake each. Both equally had acquired this stake for ₹ 3.69 crore each. Before this month, GAIL (India) Limited, the other PSU in IGX, explained that it way too had acquired five for every cent stake.
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