ONGC Q2 net profit down 55% at Rs 2,878 cr due to lower crude oil price

Diversified energy major ONGC on Friday reported a decline of 54.6 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.

According to the company, the standalone Q2FY21 net profit fell to Rs 2,878 crore against Rs 6,336 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues declined 30.9 per cent to Rs 16,917 crore against Rs 24,493 crore in FY20.

“The revenue and PAT for Q2 and H1 of FY21 have declined as compared to corresponding period of FY20 mainly due to lower crude oil price realisation,” the company said in a statement.

“Lower gas prices also contributed to lower topline and bottom line.”