ONGC profit jumps 64 percent,declares dividend

Oil and Natural Gas Corporation (ONGC) has posted 64.8 per cent year-on-year rise in net profit at Rs 8,263 crore for the quarter ended December 31.

The oil major had posted a profit of Rs 5,015 crore in the corresponding quarter last year.

Revenue of the company increased by 20.4 per cent to Rs 27,694 crore in Q3 of FY19. The board of directors had declared an interim dividend of 105 per cent, that is Rs 5.25 on each equity share of Rs 5.

ONGC is India’s largest crude oil and natural gas company, contributing about 70 per cent to the domestic production.

Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG.