ONGC Q1 results: Net profit soars 800% to Rs 4,335 crore
New Delhi: State-owned Oil and Natural Gas Corp (ONGC NSE -0.17 %) net profit soared by nearly 800 per cent in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production. Net profit in April-June at Rs 4,335 crore was 772.2 per cent higher than Rs 497 crore in Q1 of previous fiscal when demand as well as price had plummeted due to coronavirus-related lockdown, the company said in a statement.
The firm got USD 65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal as compared to USD 28.87 per barrel realisation in April-June 2020.
