At ₹18,347 crore, ONGC posts highest ever quarterly profit by an Indian company
NEW DELHI: State-run explorer ONGC on Friday reported a net profit Rs 18,347 crore in the July-September period, marking the highest quarterly profit made by an Indian company. Profit zoomed 565% from Rs 2,758 crore in the previous corresponding period on the back of elevated oil prices and onetime gain on opting for a lower tax rate regime.
The record of highest quarterly profit was held by Reliance Industries, which had posted a profit of Rs15,479 crore during the last quarter. ONGC’s revenue surged 44% to Rs 24,353 in the July-September period against Rs16,917 crore in the same period of 2020 irealisation from each barrel of oil produced rose to $69.4, which offset the fall in production.
The board declared an interim dividend of Rs 5.5 per share, which traded 1% higher to close at Rs 154.80 on the NSE. The company decided to opt for a lower tax regime with effect from 2020-21 and re-measured its net deferred tax liabilities. The move lowered deferred tax by Rs 8,541 crore and current tax by Rs 1,304 crore.
