ONGC Q2 Results: Profit falls 20% YoY to Rs 10,216 crore on lower oil prices

Oil and Natural Gas Corp’s (ONGC) profit fell 20% year-on-year in the July-September quarter to Rs 10,216 crore on lower oil prices and production.

The gas price, however, rose 6.6% to $6.5 per mmbtu, aiding the quarterly profit. Crude oil prices have been volatile due to geopolitical tensions, the OPEC+ supply cut decision, and conflicting global demand signals. An artificial supply curb by OPEC+ has kept oil prices high, helping producers like ONGC to reap large profits.

The company’s crude oil production fell 2% year-on-year to 5.25 million metric tonnes during the quarter. The gas production fell nearly 3% to 5.2 billion cubic meter. ONGC has struggled with production for years as its fields have matured and no major discoveries have been made in a long time.


The company has declared a dividend of Rs 5.75 per equity share.
Ahead of earnings, ONGC shares closed 1.6% higher at 195.75 apiece on Friday when the benchmark Sensex ended 0.1% higher.