ONGC net vaults 565% to Rs 18,374 crore in Q2 on high oil prices, lower tax liability

NEW DELHI: State-run explorer ONGC on Friday posted a net profit Rs 18,347 crore in the second quarter, marking a 565% jump over Rs 2,758 crore in previous corresponding period on the back of elevated oil prices and reduced tax liabilities.
Revenue surged 44% to Rs 24,353 in the July-September period against Rs 16,917 crore in the same period of 2020.
The company’s board also declared an interim dividend of Rs 5.50 per share, which traded 0.85% higher to settle 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.