Oil and Natural Gas Corporation 's (ONGC) net profit declined 11.3 percent sequentially to Rs. 4,842 crore in July-September quarter, impacted by lower revenue and weak operational performance.
The revenue slipped 9.4 percent to Rs. 20,679 crore during the quarter compared to Rs. 22,825 crore in preceding quarter. Profit was ahead of estimates but EBITDA disappointed street.
The company has paid subsidy amount (to oil marketing companies) of Rs. 598 crore for the quarter against Rs. 1,133 crore in preceding quarter. ONGC has declared an interim dividend of Rs. 4.50 per share, amounting to Rs. 3,850 crore for the quarter.
The stock closed at Rs. 251.90 ahead of earnings that announced after market hours.
As per respected market analysts, the earnings are unlikely to impact the performance of the share in the next week if the overall market is in good stead and may not see any negative reaction.
