ONGC's Q3 profit rises 15% to Rs 5,015 crore on higher prices

Oil and Natural Gas Corporation (ONGC) recorded a net profit of Rs 5,015 crore in quarter ending December 31, registering 15.2 per cent jump on QoQ basis. The net profit for this quarter is higher than Rs 4,352.33 crore in the same period a year ago.

The company's standalone production registered an upswing in nine-month period with natural gas up 7.7 per cent, while crude oil up 1.2 per cent and VAP up 4.9 per cent in FY'18 against same period in FY'17.

The Indian multinational oil and gas company's gross revenue for the period was Rs 22,996 crore, which is up 14.9 per cent on QoQ basis. In a statement, the company said ONGC has notified total 10 discoveries so far in FY18, including Mattur West-1, Mattur-Pundi Area, and Cauvery Basin.

The state-owned company in January acquired of 51.11 per cent stake in oil refiner HPCL for Rs 36,915 crore, paying a premium of over 10 per cent. ONGC will pay Rs 473.97 per share for 77.8 crore shares of the government in Hindustan Petroleum Corp Ltd (HPCL). The transaction, which will help the government cross its annual sell-off (disinvestment) target for the first time ever, has been executed through an off-market deal.