State-owned Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 6,734 crore in the March quarter on the back of higher oil prices and exceptional income.
The firm had reported a net loss of Rs 3,214.41 crore in the January-March 2020 period, according to a company press statement.
In an investor call, ONGC Chairman and Managing Director Subhash Kumar said the company realised USD 58.05 for every barrel of crude oil produced and sold in January-March as compared to USD 49.01 a barrel realisation a year back.
Also, the company reversed impairment losses, recording an exceptional gain of Rs 2,613 crore in the quarter.
