NEW DELHI: Flagship explorer ONGC on Thursday posted a 65% jump in its third quarter profit at Rs 8,262 crore, or Rs 6.44 per share, against Rs 5,014.67 crore, or Rs 3.91 a share, in the previous corresponding period as higher oil prices made up for a fall in output.
The company realised a price of $66.38 a barrel of crude in the quarter under review, which was more than 13% higher than $58.42 per barrel a year ago. Gas prices were 163% higher at $3.36 per million unit.
ONGC said oil production dropped 4.8% to 6 million tonne but gas output rose nearly 7% to 6.7 billion cubic metre. Revenue from operations rose to Rs 27,694.09 crore from Rs 22,995.88 crore in the third quarter of 2017-18.
