ONGC's Q3 net profit rises 26% to Rs 11,045 crore on high gas prices

Board okays 2nd interim dividend of Rs 4 per share with face value of Rs 5

State-run ONGC’s net profit increased 26 per cent year-on-year to Rs 11,045 crore in the December quarter (Q3FY23) owing to higher prices of gas under the administered price mechanism (APM).

Net profit was, however, 13.88 per cent lower than Rs 12,826 crore India’s largest oil and gas producer reported in the preceding September quarter.

Gross revenues rose to Rs 38,584 crore during the quarter, marking a 35.5 per cent jump from Rs 28,474 crore earned in the year-ago quarter.

ONGC shares closed flat with a marginal gain of 30 paise over its previous close at Rs 148.45 on February 14