ONGC September quarter profit drops 30% to Rs 12,826 crore as govt levies windfall tax
Oil and Natural Gas Corporation (ONGC) reported 30 per cent fall in net profit for September quarter after the government levied windfall tax to take away gains arising from spurt in international oil and gas prices.
Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year back, the company said in a statement.
Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit.
The company’s gross billing for crude oil it produced soared 37.7 per cent to USD 95.49 per barrel in the quarter from USD 69.36 a barrel last year.
