ONGC Q2 results: Net profit soars 565% YoY, beats estimate; co to pay Rs 5.5 interim dividend
MUMBAI: Oil & Natural Gas Corporation on Friday reported a 565.3 per cent year-on-year growth in net profit to Rs 18,347 crore for the quarter ended September, which was sharply above analysts’ expectations of Rs 6,422 crore.
The sharp jump in the bottom line of the company was thanks to a net tax writeback of Rs 7,195.4 crore in the quarter.
The oil producer’s revenue from operations jumped 44 per cent year-on-year to Rs 24,353.6 crore in the reported quarter, which was slightly below Street’s expectations.
