ONGC’s Q3FY21 standalone net profit down by over 67pc

Mumbai: According to the company, the standalone Q3FY21 net profit fell to Rs 1,378 crore against Rs 4,226 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues declined 28.2 per cent to Rs 17,024 crore against Rs 23,710 crore in FY20.

“Despite countrywide lockdown due to Covid-19 pandemic, ONGC has almost reached last year’s production levels in case of crude oil from its operated blocks,” the company said in a statement.

“The shortfall in gas production is primarily due to less offtake by customers due to Covid-19 pandemic.”

On a consolidated basis, the company reported a rise of 31 per cent in its Q3FY21 net profit to Rs 3,764 crore from Rs 5,459 crore on a YoY basis.

However, the consolidated net profit attributable to owners was down 46.9 per cent to Rs 2,643 crore from Rs 4,979 crore reported for the corresponding period of the previous year.

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