ONGC Q2 results: Consolidated net profit surges 142% to Rs 16,553 crore

Oil and Natural Gas Corporation’s consolidated net profit soared 142.4 per cent to Rs 16,553 crore in the second quarter of FY24, up from the same quarter of the previous year. On a sequential basis, profit was down 4.77 per cent down from Rs 17,383 crore net profit.

The company saw its gross revenue decline 12.9 per cent to Rs 1.46 trillion, down from Rs 1.68 trillion registered in Q2 FY23. India’s largest oil producer, ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 71 per cent of India’s domestic production.