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Net profit in April-June at Rs 4,335 crore was 772.2% higher than Rs 497 crore in Q1 of the previous fiscal
Oil and Natural Gas Corp (ONGC) net profit soared by nearly 800% in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production.
Net profit in April-June at Rs 4,335 crore was 772.2% higher than Rs 497 crore in Q1 of the previous fiscal when demand, as well as price, had plummeted due to coronavirus-related lockdown, the company said in a statement.
The firm got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal as compared to $28.87 per barrel realisation in April-June 2020. Gas price was lower by a quarter at $1.79 per million British thermal unit.
The company produced nearly 5% less crude oil at 5.4 million tonnes in the quarter while natural gas output was 4.3% lower at 5.3 billion cubic metres.
Of the oil production, ONGC produced 4.6 million tonnes from fields it operates and another 0.55 million tonnes from those in joint ventures with other partners. Own production was down 4.2% and joint venture output fell 2.8 %.