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ONGC Shares Fall To 11-Year Low On Weak Q3 Results

By Staff

Shares of state-run ONGC fell nearly 4 percent on Monday to Rs 99.30, an 11-year low, on reporting weak performance for the December ended quarter. The stock has previously seen a low of Rs 89.68 in October 2008.

ONGC Shares Fall To 11-Year Low On Weak Q3 Results

On Friday, post market hours, the oil and gas company had posted a 49.75 percent decrease in its standalone net profit at Rs 4,151.63 crore for the third quarter (Q3) of 2019-20, from Rs 8,262.70 crore reported in the same period of the previous year.

Its EBITDA (earnings before interest, tax, depreciation and amortization) came at Rs 12,298.3 crore and EBITDA margin stood at 51.9 percent.

During the quarter, the total income of the company fell 16 percent on a year-on-year basis to Rs 25,112.55 crore and total expenses increased to Rs 19,113.98 crore (from Rs 17,825.22 crore in the previous year).

ONGC's lower than estimated Q3 earning were largely on account of lower oil price realization and lower-than-estimated crude and gas sales volume even as production remains in-line.

The company received 10 percent lower price at $59.73 for the crude oil it produced and 4 percent lower rate for natural gas at $3.23 per million British thermal unit.

The management guided that a large part of the capex is due to milestone payments which have been delayed along with a delay in production from KG basin.

Read more about: ongc
Story first published: Monday, February 17, 2020, 13:25 [IST]
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