ONGC records 21% decline in net profit to Rs 4233 crore

ONGC - India's largest oil and gas explorator reported net profit of Rs 4232.54 crore for the June quarter ended 2016(Q1FY17), registering decline of 21.15% year-on-year (yoy) and 7.89% quarter-on-quarter (qoq).

The total income from operations was at Rs 17,784.75 crore, witnessing a decline of 21.40% yoy. However, it was a positive performance by rising 9.53% in comparison with quarter-on-quarter. 

While operating profit (EBITDA- earnings before interest tax depreciation and amortization) stood at Rs 8430.44 crore, which was down by 20.72% yoy but was up by 85.10% qoq. 

It's operating profit margin (OPM) was at 47.40%, expanding by 1935 basis points yoy and 41 basis points qoq.

On segment wise revenue break-up, the offshore business was at Rs 12,542.65 crore, declining by 22.26% yoy, while onshore was at Rs 5242.10 crore, down by 19.26% yoy. 

Shares of ONGC closed at Rs 245.10, up by 2.51%.