On the back of the best-ever price it earned on crude oil it produces, state-owned Oil and Natural Gas Corporation (ONGC) reported a record net profit of ₹40,305 crore in the fiscal year ended March 31, becoming India’s second most profitable company behind Reliance Industries Ltd.
In a statement, ONGC said net profit for the fiscal FY22 (April 2021 to March 2022) soared 258 per cent to ₹40,305.74 crore from ₹11,246.44 crore in the previous financial year.
This as it got an average of USD 76.62 for every barrel of crude oil produced and sold in the fiscal as against USD 42.78 per barrel net realisation in the previous year.
