State-run Oil and Natural Gas Corporation (ONGC) has posted 82 per cent decline in its consolidated profit before tax (PBT) for the first quarter of 2020-21 to Rs 2,012.2 crore, compared to Rs 11,450.8 crore during the April to June period of the previous financial year.
According to the company, the financial results for the quarter are impacted by very low realised crude oil price due to the Covid-19 pandemic, lower gas price and also by the volatile global crude oil markets. The gross revenue for the quarter was seen at Rs 62,496 crore, down 43 per cent compared to Rs 1,09,546 crore during the first quarter of FY20.
