ONGC Records Seven-Fold Jump In Third Quarter Profit On Rise In Oil, Gas Prices
NDTV
ONGC's net profit was Rs 8,764 crore in December quarter of current fiscal, which was 596.7 per cent more than Rs 1,258 crore of last year
Maharatna company Oil and Natural Gas Corporation (ONGC) on Saturday recorded a nearly seven-fold jump in its third quarter net profit as higher oil and gas prices offset a drop in production.
The state-owned behemoth's net profit stood at Rs 8,764 crore in December quarter of the current fiscal, which was 596.7 per cent over Rs 1,258 crore of net profit recorded by the explorer during the corresponding period of last year.
The nation's top oil and gas producer got $75.73 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal year as compared to $43.20 a barrel realisation in the same period of 2020-21.
Gas price rose to $2.90 per million British thermal unit in October-December 2021 as against $1.79 a year back. This spurt in prices more than made up for the fall in production. Oil production fell 3.2 per cent to 5.45 million tonnes while gas output was 4.2 per cent lower at 5.5 billion cubic meters, the company said in a statement.
