ONGC Q4 results: Reports standalone net loss of Rs 3,098 crore on impairment loss of Rs 4,899 crore

New Delhi: Oil & Natural Gas Corporation (ONGCNSE -1.78 %) on Tuesday posted a standalone net loss of Rs 3,098.26 crore for the quarter ended March 31 due to exceptional item towards impairment loss of Rs 4,899 crore.

It had posted a net profit of Rs 4,239.50 crore in the corresponding quarter last year.

Revenue from operations declined 19.81 per cent year-on-year (YoY) to Rs 21,456.20 crore during the quarter under review against Rs 26,758.46 crore in the same period last year.

An impairment loss is a recognised reduction in the carrying amount of an asset that is triggered by a decline in its fair value.