State-run Oil and Natural Gas Corporation (ONGC) on Tuesday reported a nearly 200% jump in the third quarter net profit compared with a year-ago period, though sequentially it was down 12.5%. The company also announced its second interim dividend of 45% which translates to Rs 2.25 per share.
For the quarter ended December 31, 2016, the national oil company’s net profit stood at Rs 4,352 crore compared with Rs 1,466 crore a year ago and R4,836 crore reported in the previous quarter of financial year 2016-17.
The consensus forecast for the quarter, however, was Rs 4,881 crore.
The company, which recently agreed to pay $1.2 billion to buy debt-laden Gujarat State Petroleum Corporation’s Deen Dayal West field and six other finds in the KG Basin, managed a total revenue of Rs20,013.95 crore in the quarter under review compared with Rs 18,364 crore in the comparable period a year-ago.
However, the company had reported total income from operations, or total revenue, of Rs 18,395.01 crore in the previous quarter of the current financial year.
The total outgo in terms of dividend, the record date for which has been fixed as February 8, for the mainly upstream company will be around Rs 2,887 crore.