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ONGC reports 24 percent YoY drop in standalone profit
NEW DELHI. Oil and Natural Gas Corporation (ONGC), on November 14, reported a 24.2 percent year-on-year (YoY) fall of its standalone profit to Rs 6,263.13 crore for the quarter that ended on September 30. The company had posted a profit of Rs 8,264.61 crore for the corresponding quarter of the last financial year.
A CNBC-TV18 poll had estimated the company to post a profit to the tune of Rs 6,298 crore. The total income of the company dropped by nearly 11 percent to Rs 27,177.95 crore during the September quarter of FY20 as against Rs 30,383.40 crore in Q2FY19.
EBITDA came at Rs 11,692.8 crore as against a CNBC-TV18 poll of Rs 13,430 crore, while EBITDA margin came at 47.7 percent against 48.1 percent QoQ and against the CNBC-TV18 poll's estimate of 53.5 percent.
Expenditure increased to Rs 18,139.65 crore in the September quarter, down from Rs 17,678.36 crore a year ago. The scrip closed the day down by 1.38 percent at Rs 136.25 on BSE.
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