Q3 Results: ONGC profit up 65 per cent on higher realisation

Driven by higher net realisations and a sharp depreciation in currency, ONGC on Thursday reported a 65% year-on-year (y-o-y) rise in profit to Rs 8,262.70 crore.

The stock, which closed Thursday’s session down 1.12% at `132.10, is among the biggest underperformers. Since 2018, it has given up over Rs 80,000 crore in market capitalisation. In March 2018, the national explorer paid around Rs 37,000 crore to acquire a government stake in HPCL.

ONGC’s realisation from crude oil from its nominated fields increased 13.6% per barrel in dollar terms and 26.5% in rupee terms during the December 2018 quarter compared with the year-ago period.