ONGC Share Price Declines After Q4 Profit Fall
ONGC's net profit dropped by 21.7% to Rs 6,448 crore, against Rs 8,240 crore in the previous quarter.
Oil and Natural Gas Corp. shares declined nearly 0.49% following the release of its fourth quarter earnings report.
Despite a 3.8% increase in revenue, which reached Rs 34,982 crore compared to Rs 33,717 crore in the previous quarter, the company's net profit fell. The net profit dropped by 21.7% to Rs 6,448 crore, against Rs 8,240 crore in the previous quarter, significantly below Bloomberg's estimate of Rs 8,810 crore.
Its Ebitda saw a slight decline of 0.3%, coming in at Rs 19,007.5 crore versus Rs 19,057 crore in the previous quarter, although this was higher than Bloomberg's estimate of Rs 17,974 crore. The Ebitda margin stood at 54.3%, down from 56.5% in the previous quarter but above Bloomberg's estimate of 53.3%.
ONGC Share Price Today
The scrip fell as much as 0.49% to Rs 247 apiece. It pared losses to trade 0.01% lower at Rs 248 apiece, as of 09:21 a.m. This compares to a 0.79% decline in the NSE Nifty 50 Index.
It has fallen 10.55% in the last 12 months. Total traded volume so far in the day stood at 0.15 times its 30-day average. The relative strength index was at 55.
Out of 30 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 16.4%
