State-owned Oil and Natural Gas Corporation (ONGC) reported a 20 per cent drop in September quarter next profit on decline in oil prices and lower output. The company reported a net profit of Rs 10,216 crore in July-September (second quarter of current 2023-24 fiscal year), compared to Rs 12,826 crore earning in the same period last year, a statement said.
This is the second consecutive quarter of a decline in net profit for ONGC, India’s top crude oil and natural gas producer. The firm had reported a 34 per cent drop in April-June profit.
ONGC earned USD 84.84 for every barrel of crude oil it produced and sold from nomination fields against a gross realisation of USD 95.50 per barrel last year and USD 76.49 earning in the preceding quarter.
