ONGC has declared Q3 FY '24 consolidated net profit of Rs. 10,478 crore, a decrease of 7.9% vis-a-vis Q3 FY '23 whereas consolidated revenue was also down 2.2% to reach Rs. 165,569 crore.

The Board has approved 2nd interim dividend of 80%, i.e. Rs. 4 on each equity share of Rs. 5. The total payout on this account will be Rs. 5,032 crore. The record date for distribution of dividend has been fixed for 17th February, 2024 which has been intimated to the stock exchanges. This is in addition to the 1st interim dividend of Rs. 5.75 per share(115%) declared earlier in November 2023.

The reduction in ONGC's production output in 9M FY 2023-24 was due to: Shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, post taking over from JV Partners; Cyclone Biparjoy (June 2023) disrupted offshore and onshore production; Crude oil production of a Southern Asset was hampered as a refinery stopped receiving oil, following a leakage in their pipeline; and Natural decline from Mature fields.