ONGC Q3 net halves to Rs 4,152 cr after fall in oil, gas prices, production
State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production.
Standalone net profit in October-December at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the same period of the previous fiscal, the company said in a statement.
The firm got 10 per cent lower price at USD 59.73 for the crude oil it produced and 4 per cent lower rate for natural gas at USD 3.23 per million British thermal unit.
Lower oil prices led to revenues dropping 14.4 per cent to Rs 23,710 crore in the third quarter of current fiscal.
