ONGC Q2 net surges over 61% to Rs8,265 cr as other income, revenue rise

Oil and Natural Gas Corporation (ONGC) has reported a 61.08 per cent year-on-year jump in net profit at Rs 8,264.61 crore for the July-September 2018-19 quarter, and a healthy 34.5 per cent sequential growth, on the back of higher other income and operating margin. 

The oil major had reported a net profit of Rs5,130.74 crore in the year-ago quarter. 
Revenue from operations rose 47.58 per cent to Rs27,989.17 crore for the quarter, compared to Rs18,964.85 crore in the similar quarter of the previous year. 
Sequentially, revenue from operations for the quarter grew 2.9 per cent compared to Rs27,212.8 crore in April-June period.
Profit before tax (PBT) for the quarter stood at Rs12,705.04 crore against Rs7,234.29 crore in the year-ago quarter. 
Operating margins rose to 51.7 per cent from 47.5 per cent in the same quarter last year. 
Earnings per share (EPS) for the quarter stood at Rs6.44 against Rs4.79 in June quarter and Rs4 in the September quarter last year. 
At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) increased 7.2 per cent sequentially to Rs15,788.74 crore and margin expanded 226 bps to 56.4 per cent in quarter ended September 2018.
Other income during the quarter increased sharply by 268.4 per cent quarter-on-quarter to Rs2,394 crore while total expenses declined 3.2 per cent to Rs17,678.4 crore due to fall in finance expense, depreciation cost and other expenses.