Maharatna PSU Stock Cracks 4%, Worst Performer on Nifty Pack

  • Investing.com
  • Stock Market News
Maharatna PSU Stock Cracks 4%, Worst Performer on Nifty Pack
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of India’s largest crude oil and natural gas company ONGC (NS: ONGC ) tanked 4.4% in Monday’s morning trade and hit the intraday low at Rs 156.5 apiece as investors reacted to the oil major’s disappointing earnings performance during the March quarter.

ONGC was the worst performer on the benchmark index Nifty50 and led the losses on the pack in Monday’s session, defying the market’s optimistic mood today.

The Maharatna public sector undertaking reported a significant 52.7% year-on-year drop in consolidated net profit at Rs 5,701.46 crore, and EBITDA declined 14.57% YoY to Rs 20,996.73 crore.

Its operating margin shed to 14.57% by 354 basis points in Q4 FY23, compared to 18.11% in the year-ago period.

ONGC’s disappointing performance in the March-ended quarter can be attributed to a provision of Rs 12,107 crore made during the three-month period towards disputed service tax and GST on royalty and interest, which significantly impacted the state-owned major’s bottomline.

However, the company’s revenue from operations rose 5.2% YoY to Rs 1,64,948.99 crore in the Jan-Mar 2023 period, on the back of higher crude oil and natural gas prices.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles