ONGC announced its Q2 results on Monday evening. The company’s numbers were ahead of the analyst’s estimates.

What Happened: ONGC, in its September quarter results, posted a 17% year-on-year jump in standalone net profit to ₹11,984 crore. The oil explorer’s revenue from operations fell 3.6% year-on-year to ₹33,880 crore. The numbers beat the street’s expectations. EBITDA for the quarter came in at ₹18,236 crore with an EBITDA margin of 53.8%.

Analysts expected the company to post a net profit of ₹8,662.98 crore and ₹33,856.14 crore revenue. The brokerages anticipated weak numbers due to oil realisation falling from the previous year and flat oil sales.

The company also announced a ₹6 per share dividend. The record date for the dividend payment is November 20.

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ONGC recently joined hands with NTPC to establish a 50:50 joint venture company in green energy. In September, it partnered with Reliance-bp to bid in India’s largest oil and gas bid round, OALP-IX.

In September, signed an addendum to the existing production sharing agreement (PSA) for the Azeri-Chirag-Deepwater Gunashli (ACG) Field in Azerbaijan, in association with global oil majors. This will allow the company to explore and produce Non-Associated Natural Gas (NAG) in the region.

Price Action: Shares of ONGC were down 2.15% to close at ₹256.90 on Monday.

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