The company’s natural gas production saw an increase of 4.2% during the quarter under review to 6.277 billion cubic meter (BCM) as against 6.025 bcm during the same quarter in 2016.
ONGC posted a 15.2% year on year (YoY) rise in net profit for the third quarter of the financial year 2017-18 to Rs 50.15 billion, compared to Rs 43.52 billion last year.
“Company’s revenue increased 14.9% YoY to Rs 230 billion owing to 17% rise in oil realisation to US$60.6/bbl and 4.2% jump in gas production volume to 6.3 bcm, partially offset by 1% drop in oil production volume to 6.3 mmt. Also, gas realization increased 2% YoY to Rs7.6/scm,” analyst at IDBI Capital said in result review.
The company guided for a robust 4.8%/27% oil/gas volume growth in FY19 over FY17 to 26.2mmt/29.5bcm. Also, it expects Vashishta to start production from end Mar’18 which would improve gas production by 4mmscmd, the brokerage said with maintain a ‘buy’ rating on the stock.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in