State-owned Oil and Natural Gas Corporation (ONGC) reported a 26 per cent jump in its third quarter net profit on the back of a rise in oil and natural gas prices.
Net profit of Rs 11,044.73 crore, or Rs 8.78 per share, in October-December compared with Rs 8,763.72 crore, or Rs 6.97 per share, in the same period a year back, according to a company’s stock exchange filing.
The profit was, however, lower than the Rs 12,825.99 crore earnings in the immediately preceding quarter of July-September.The rise in profitability was helped by higher realisation on crude oil and gas the firm produces and sells. This offset the continuing decline in oil and gas production.
