ONGC Q2 FY 2019-20 results

et profit declines

by 24.2 % to Rs 6,263 crore

Thesynegyonline Corporate Bureau

NEW DELHI, NOVEMBER 14 : The state-owned oil explorer Oil and Natural Gas Corporation (ONGC) reported in the second quarter of FY 2019-20 ((Q2FY20) registered a net profit of Rs 6,263 crore from Rs 8,265 crore in the corresponding second quarter of FY 2018-19 (Q2FY19), on the gross revenue of Rs 24,493 crore in Q2 FY'20. During this period ONGC produced 5.842 MMT of crude oil and 6.265 BCM of natural gas.

The sharp decline in the net profit after tax (PAT) was as a result of lower earnings in the quarter on the back of low crude oil prices. ONGC had posted a standalone net profit of Rs 8,264.61 in the July-September quarter of the previous financial year.

The EBITDA of ONGC for the quarter under review declined 19.2 per cent to Rs 11,692 crore as compared to an EBITDA of Rs 13,170 crore in Q2 FY19. The EBITDA margins of the New Delhi-headquartered oil and gas explorer for the July-September quarter stood at 47.7 per cent.