Oil & Natural Gas Corporation Ltd (ONGC) has posted 20% drop in standalone net profit at Rs 10,216 crore for the quarter ended September 30, 2023, dragged down by lower prices for crude oil.

Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply. ONGC posted standalone net profit of Rs 12,826 crore in Q2FY23.

Crude oil price realisation, or the price at which it sells the product, was down 11.2% at $84.84 per barrel in the latest quarter, compared with $95.50 a year earlier, while realisations in its joint ventures fell 16.4% to $79.41, the country's top explorer said in a statement.

ONGC's total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%.

"The Board of Directors has declared an Interim dividend at the rate Rs 5.75 per equity share of face value of Rs 5 each i.e. @ 115% for FY24. Tuesday, the 21st November, 2023 has been fixed as “Record Date” for determining eligibility of shareholders for payment of Interim Dividend. The dividend will be paid to the eligible shareholders on or before 10.12.2023," ONGC said in a statement.

ONGC's board gave in-principle approval to do a sustainable debt-equity ratio for ONGC Petro additions Limited with additional equity investment of Rs 3,501 crore.