ONGC profit dips 11 pc on sharp fall in oil prices

State-owned Oil and Natural Gas Corp (ONGC) today reported 11 per cent drop in its September quarter net profit because of a sharp fall in oil prices.

Net profit in the July-September quarter at Rs 4,842.02 crore was 11 per cent lower than Rs 5,444.89 crore clocked in the same period of last fiscal, the company said in a stock exchange filing.

Its total income was marginally hire at Rs 20,679.56 crore in second quarter of the current fiscal as compared to Rs 20,477.75 crore a year ago.

The company also declared an interim dividend of Rs 4.50 per equity share amounting to Rs 3,850 crore.