ONGC books Rs 1,238 crore impairment loss, Q2 net profit down 55%
India’s top oil and gas producer ONGC booked a Rs 1,238-crore impairment loss, which together with a fall in prices led to a 55 per cent drop in the company’s September quarter net profit.
Standalone net profit at Rs 2,878 crore in July-September quarter was 54.6 per cent lower than Rs 6,336 crore net profit a year ago, the company said in a statement.
Revenue dropped 31 per cent to Rs 16,917 crore.
The company got USD 41.38 for every barrel of crude oil it produced and sold in the second quarter of the current fiscal. This was 31.4 per cent lower than USD 60.33 per barrel price it had got in July-September 2019.
Gas price was also down by more than one-third to USD 2.39 per million British thermal unit.
