Oil and Natural Gas Corp’s profit remained nearly steady at ₹8,372 crore in the October–December quarter, compared to ₹8,240 crore a year earlier, as non-operational revenue offset the impact of lower oil prices.
Revenue from operations fell 6.5 per cent to ₹31,546 crore during the quarter, down from ₹33,717 crore in the year-ago period, primarily due to lower oil prices.
International crude benchmark Brent averaged $63.6 during the December quarter, compared with $74.61 per barrel in the year-ago period. The company reported “other income” of ₹3,094 crore during the quarter, up from ₹1,722 crore in the year-earlier period. The operating margin was 37.26 per cent during the quarter, up from 35.81 per cent a year earlier.
The company’s board also approved an interim dividend of ₹6.25 per share, with February 18 set as the record date for its payment. This is the second interim dividend for the year.
ONGC is facing a payment demand from the government over an arbitration related to the Panna Mukta and Tapti fields. “The demand raised by the Directorate General of Hydrocarbons (DGH), amounting to $1,624.05 million equivalent to ₹14,600 crore as on December 31, 2025 has been considered as contingent liability,” the company said in its earnings statement.
“Pending finality by arbitration tribunal on various issues raised above, re-casting of the financial statements and final quantification of liabilities, no provision has been accounted in the financial statements.”
