Oil and Natural Gas Corporation Ltd.’s quarterly profit went down the most in 13 quarters, missing estimates, because of lower oil prices and higher costs.
Total profit dropping to 51 percent sequentially Rs 4,045 crore in the January-March period, the state-run oil and gas explorer said in an exchange filing. The company’s other expenses rose 49 percent over the preceding quarter to Rs 5,760 crore. Revenue fell 3.18 percent is the biggest drop in 12 quarters to Rs 26,758 crore. But that’s higher than the Rs 25,233-crore estimated.
ONGC’s net realization was at $61.29 a barrel versus $66.4 in the previous quarter. It’s crude sales were down 4.9 percent year-on-year to 5.9 million metric tonnes and gas sales were up 7.9 percent to 6.558 billion cubic meters.
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The board of the company has also decided a final dividend of Rs 0.75 per equity share having a face value of Rs 5 each. Shares of ONGC closed 1.1 percent lower at Rs 170 apiece.