ONGC Q2 profit falls 9.1% sequentially, declares ₹8 dividend
In short
ONGC said its Q2 net profit fell 9.1% sequentially to ₹15,489 crore. Revenue slipped 5.6% to ₹43,875 crore and EBITDA fell 12.3% to ₹24,860 crore. It also declared an interim dividend of ₹8 per share.
The company also awarded two Western Offshore projects worth ₹11,800 crore and said they could unlock 22 MMTOE of hydrocarbon potential, which may support future production.
What the reporting says
ONGC reported a 9.1% sequential fall in Q2 net profit to ₹15,489 crore, with revenue down 5.6% to ₹43,875 crore and EBITDA down 12.3% to ₹24,860 crore. The company also awarded two Western Offshore development projects worth ₹11,800 crore to unlock 22 MMTOE of hydrocarbon potential and announced two new onshore discoveries. It declared an interim dividend of ₹8 per share.
Why it matters
ONGC reported weaker Q2 numbers, with net profit, revenue and EBITDA all lower sequentially. It also declared an interim dividend of ₹8 per share. At the same time, the company awarded two Western Offshore development projects worth ₹11,800 crore to unlock 22 MMTOE of hydrocarbon potential and announced two onshore discoveries, which may support future output.