ONGC Q2 profit tumbles 30% to Rs 12,826 cr on windfall tax woes
India’s top oil and gas producer ONGC reported a 30 per cent fall in September quarter net profit after the government brought a new tax on windfall profits arising from a spurt in international energy prices.
Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago, Oil and Natural Gas Corporation (ONGC) said in a statement.
Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit.
Net profit fell despite the company’s gross billing for crude oil it produced soaring 37.7 per cent to $95.49 per barrel in July-September from $69.36 a barrel a year back.
