ONGC net profit rises by 6% to Rs 4975 crore; announces bonus issue

State-owned ONGC reported net profit of Rs 4974.92 crore for the second quarter ended September 30, 2016 (Q1FY17), registering growth of 6.27% year-on-year and 17.53% rise on quarter-on-quarter (qoq) basis.

Total income from operations stood at Rs 18,395 crore, a decline of 10.32% from Rs 20,512.40 crore in the corresponding quarter of the previous year. However, it increased by 3.43% on quarter-on-quarter basis. 

On segment wise revenue break-up, offshore business stood at Rs 12,918.45 crore, down by 13.41% yoy but up by 3% qoq. While onshore business was at Rs 5476.56 crore, declining by 2.08% yoy but was up by 4.47% yoy. 

In its meeting held on Thursday, ONGC's board also approved a bonus issue. The company said that it will issue one free share for every two held.

Shares of ONGC on BSE, was trading at Rs 287.55 per share down by Rs 3 or 0.69%.