High global oil prices fuel near 7-fold rise in ONGC Q3 net
Oil and Natural Gas Corporation (ONGC) on Saturday posted a near seven-fold growth in net profit for the quarter ended December 2021, as higher oil and gas prices offset a drop in output.
Net profit of Rs 8,764 crore in October-December 2021 rose 596.7 per cent over Rs 1,258 crore net profit in the same period a year back, the state-owned company said. ONGC got $75.73 for every barrel of crude oil it produced and sold in the third quarter of the ongoing financial year, as against $43.20 a barrel realisation in the same period of 2020-21.
