ONGC Q1 net profit dips 3.9% on lower oil price, production
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported a 3.9% decline in net profit for June quarter as it faced a double whammy of falling oil prices and declining production.
Net profit during April-June stood at ₹5,904 crore, 3.9 per cent lower than ₹6,144 crore in the year-ago period, the company said in a statement.
Revenue fell 2.4% to ₹26,555 crore.
ONGC got $66.30 for every barrel of crude oil produced and sold, down 7.3% from $71.49 a barrel net realisation in April-June 2018.
