ONGC’s Q3FY21 standalone YoY net profit down by over 67%

Mumbai, Feb 13 : Diversified energy major ONGC on Saturday reported a decline of 67.4 per cent in its standalone net profit for Q3FY21 on a year-on-year basis.
According to the company, the standalone Q3FY21 net profit fell to Rs 1,378 crore against Rs 4,226 crore reported during the corresponding period of previous fiscal.
Similarly, gross revenues declined 28.2 per cent to Rs 17,024 crore against Rs 23,710 crore in FY20.
“Despite countrywide lockdown due to Covid-19 pandemic, ONGC has almost reached last year’s production levels in case of crude oil from its operated blocks,” the company said in a statement.
“The shortfall in gas production is primarily due to less offtake by customers due to Covid-19 pandemic.” On a consolidated basis, the company reported a rise of 31 per cent in its Q3FY21 net profit to Rs 3,764 crore from Rs 5,459 crore on a YoY basis.