India’s top oil and gas producer ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates.
Oil and Natural Gas Corporation’s (ONGC) standalone net profit at Rs 15,205.85 crore, or Rs 12.09 per share, in April-June, compared to Rs 4,334.75 crore, or Rs 3.45 a share, in the same period a year back, according to a stock exchange filing by the company.
Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March. The earnings rose as the company got $108.54 per barrel price for crude oil it sold in the quarter as opposed to $65.59 a barrel rate realised in the same period last year.
