ONGC Q3 net profit jumps 65% to Rs 8,263 crore; board announces interim dividend

State-owned oil and gas production major ONGC reported net profit of Rs 8,262.70 crore for the quarter ended December 31, 2018, amounting to a 64.77 per cent increase when compared Rs 5,014.67 crore reported for the corresponding period in the previous fiscal. ONGC's net profit saw a marginal decline when compared to Rs 8,264.61 crore reported during the September quarter of the ongoing financial year, as per a regulatory filing by the company.

The ONGC Board of Directors also approved an interim dividend of Rs 5.25 per equity share of Rs 5. The record date for determining eligibility of shareholders for payment of interim dividend has decided to be March 1, 2019, whereas the dividend will be paid on March 6, 2019.

The ONGC Board also approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019

During the Q3 FY19, ONGC saw its revenue from operations increase around 20 per cent to Rs 27,694.09 crore, as opposed to Rs 22,995.88 crore reported during the Q3 FY18. The revenue from operations in the quarter under review slipped marginally by less than two per cent on a sequential basis from Rs 27,989.17 crore.

Compared on an annual basis, ONGC saw its offshore revenues grow substantially to Rs 18,955.86 crore during the December quarter, whereas its onshore revenue increased to Rs 8,738.23 crore. Both headers saw marginal decline when compared to the September quarter of the current fiscal.