ONGC earned 8,764 crores as profit in the third quarter

Today, Oil and Natural Gas Corporation (ONGC) released its quarter three results. It has put an astounding number in terms of net profit. ONGC registered a net profit of 8,764 crores in the third quarter. This is 596.7% more than what it earned in its last Q3. It earned 1,258 crores in Q3, 20202. ONGC Chairman and Managing Director Alka Mittal said: ”A major part of this spend will be on exploration with the acquisition of new acreages; use of latest technology in seismic data Acquisition, Processing and Interpretation (API) and on development and infrastructure projects for fast tracking the monetization of discovered resources. ONGC is also in the process of incorporating a wholly owned subsidiary to focus and grow its gas business”. The company announced an interim dividend of Rs. 5.50 per share after the results.