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ONGC Q3 show gets a revenue push: Takeaways

Upstream oil explorer ONGC put up a solid quarterly show as profit grew 65 per cent year-on-year to Rs 8,263 crore for the quarter to December.

That compares with a profit of Rs 5,014.67 crore in the same quarter last year.

Oil and Natural Gas Corporation announced its quarterly earnings after market hours on Thursday. The stock settled at Rs 132.10 on the BSE, down 1.12 per cent.

Here are major takeaways of ONGC’s Q3 show.

Other income shines: Revenue increased 20.43 per cent YoY to Rs 27,694.09 crore in Q3 FY19. Other income jumped 88.68 per cent YoY to Rs 2,224.62 crore during the quarter under review.

Dividend matters:
The board has come out with an interim dividend of Rs 5.25 per equity share.

Update on share buyback:
The process of buyback, approved by the board on December 14 last year, is likely to be completed in February 2019, ONGC said in a BSE filing. The proposal for buyback involves equity shares not exceeding 25,29,55,974 of the company at the price of Rs 159 per share payable in cash for an aggregate consideration not exceeding Rs 4,022 crore.

Segment show:
Offshore revenue increased to Rs 18,955.86 crore in Q3 FY19 over Rs 15,920.99 crore in Q3 FY18. Onshore revenue advanced to Rs 8,738 crore from Rs 7,074.89 crore earlier.

Total income: The figure for October-December came in at Rs 29,918.71 crore, up from 24,174.94 crore a year earlier.

Management commentary:
“Pending the final quantification of liabilities by the Arbitration Tribunal, no provision for the same has been considered necessary. However, a total amount of USD 1,624.05 million equivalent to Rs 11,349 Crore has been considered as contingent liability,” the oil firm said.