ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes
ONGC India’s standalone net profit dived 30.1 per cent to Rs 12,826 crore in the September quarter (Q2) as the impact of the government’s windfall tax brought down its profit from Rs 18,348 crore in the same quarter in the previous year. Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore.
The company’s gross billing for crude oil it produced soared 37.7 per cent to $95.49 per barrel in the quarter from $69.36 a barrel last year. Net realisation after considering windfall taxes stood at $72.2 per barrel.
India’s largest oil producer, ONGC produces over 1.26 million barrels of oil equivalent per day, contributing about 71 per cent of India’s domestic production. It’s wholly owned subsidiary, ONGC Videsh (OVL)
