ONGC reports 31% drop in Q4 net profit on drop in production, prices
State-owned Oil and Natural Gas Corp (ONGC) Thursday reported a 31 per cent drop in its March quarter net profit as it faced a double whammy of a drop in production and fall in prices.
Net profit in January-March at Rs 4,045 crore was 31.6 per cent lower than net profit of Rs 5,915 crore in the same period of the previous fiscal year, the company said in a statement. While oil production dropped 5 per cent to 4.8 million tonne, the price it realised for every barrel of crude oil sold was 3.6 per cent lower at $61.93.
Gas production, however, rose 8.2 per cent to 6.275 billion cubic metres. Also, gas price climbed 16.3 per cent to $3.36 per million British thermal unit. Revenue was up 11.6 per cent to Rs 26,759 crore in the fourth quarter of 2018-19 as compared to Rs 23,970 crore a year back.
