Companie

ONGC posts threefold sequential rise in Q4

Our Burea New Delhi | Updated on June 25, 2021

The company reported consolidated new profit of ₹10,946 crore for March quarter

Oil and Natural Gas Corporation (ONGC) on Thursday reported threefold sequential growth in consolidated net profit at ₹10,946 crore for the March quarter. Total income rose by 15 per cent quarter-on-quarter to ₹1,18,206 crore.

In the corresponding quarter of the previous fiscal year 2019-20, ONGC had reported a loss of ₹6,726 crore.

For the financial year 2020-21, profit grew by 86 per cent to ₹21,343 crore. Annual revenue, however, fell by 15 per cent to ₹3,69,895 crore.

“During the year, there has been a rebound in global Crude Oil and Natural Gas prices due to ease in pandemic driven lockdown restrictions globally. The Company has considered possible effects of regained stability in the product market on the recoverability of its cash generating units,” ONGC said in a statement.

ONGC board on Thursday recommended a final dividend of ₹1.85 per share for 2020-21. Subsidiary Hindustan Petroleum Corporation Ltd has proposed a final dividend of ₹22.75 per share.

Published on June 25, 2021

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