What happened: ONGC’s June-quarter net profit more than doubled
ONGC reported a year-on-year increase in net profit for the June-ended quarter. ONGC stated that net profit rose to about ₹17,034 crore, described as more than doubling compared with the comparable quarter.
Key numbers and drivers in ONGC’s June-ended quarter
ONGC linked the rise in net profit mainly to higher net crude price realizations and to strong growth in revenue. ONGC also stated that crude oil and natural gas production were largely steady year-on-year.
ONGC’s reported June-quarter figures included:
- Net crude price realizations: more than half increase year-on-year. - Average price per barrel received: increased substantially to $99.45. - Revenue: grew sharply in the June-ended quarter. - Production: crude oil and natural gas production were largely steady versus the comparable period; crude oil volumes are measured in million metric tonnes and gas volumes are measured in billions of cubic metres.
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