ONGC’s Q2 standalone net profit falls 55% to ₹2,878 cr
Oil major ONGC on Friday reported 55% decline in standalone net profit at ₹2,878 crore for the quarter ending 30 September, 2020 as coronavirus pandemic impacted its earnings from oil and gas. The oil PSU reported net profit of ₹6,336 crore in year-ago period.
The standalone revenue from operations fell 31% to ₹16,917 crore as against ₹24,493 crore in September 2019.
On Friday, ONGC’s scrip on NSE closed 0.5% higher at ₹71.95.
The company got USD 41.38 for every barrel of crude oil it produced and sold in the second quarter of the current fiscal. This was 31.4 per cent lower than USD 60.33 per barrel price it had got in July-September 2019.
