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    ONGC Q2 profit slumps 24% YoY Rs 6,263 crore; misses Street estimates

    Synopsis

    Total income fell 10.55 per cent to Rs 27,177.95 crore during the quarter under review.

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    Expenditure increased to Rs 18,139.65 crore in the September quarter from Rs 17,678.36 crore a year ago.

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    Oil and Natural Gas Corporation on Thursday posted a 24.21 per cent year-on-year fall in standalone profit at Rs 6,263.13 crore for the quarter ended September 30. The state-run oil explorer had posted a profit of Rs 8,264.61 crore in the same period last year.

    Analysts in an ETNow poll had posted a net of Rs 6,840 crore.

    Total income of the company fell 10.55 per cent to Rs 27,177.95 crore during the quarter under review.

    Expenditure increased to Rs 18,139.65 crore in the September quarter from Rs 17,678.36 crore a year ago.

    Revenue from offshore and onshore operations declined 15.78 per cent and 5.51 per cent to Rs 16,013.85 crore and Rs 8478.77 crore, respectively, during the quarter under review.

    The company announced its results post market hours. Earlier in the day, the scrip closed 1.38 per cent down at Rs 136.25, while BSE benchmark Sensex settled 170.42 points, or 0.42 per cent, up at 40,286.
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    4 Comments on this Story

    Natarajan D340 days ago
    Better to sell the company before it is going bankrupt
    Ashok Kumar R Patel344 days ago
    ONGC should emphasise on cost cutting on a larhe scale including manpiwercost.
    Shailendra Sharma344 days ago
    ONGC profit will keep on falling with existing culture of unnecessary spending on Exhibitions , Melas, Parties after every namesake review , corruption in placement and execution of orders, and namesake CSR expenditure .Govt should reduce their holding so that management becomes more responsible / answerable .
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