New Delhi, Feb. 17 -- Oil & Natural Gas Corp. Ltd (ONGC) posted rather muted December quarter (Q3) results, impacted by the continued drop in crude oil prices and stagnant volumes. Higher gas realization, though, brought some comfort.

Standalone Ebitda declined by 9% year-on-year to Rs.17,300 crore, while revenue fell 6% to Rs.31,500 crore. Consolidated revenue was flat at Rs.1.67 trillion and Ebitda increased by 3% to Rs.27,400 crore. Lower crude prices improved the profit margins of its downstream refining subsidiary, Hindustan Petroleum Corp. Ltd.

The global crude market currently faces surplus supplies and dull demand conditions, suppressing prices even amid intermittent flare-ups triggered by geopolitical developments. The upshot: ...