ONGC Videsh Limited has reported a consolidated net profit of ₹1,682 crore for the FY19.
This is a 71.4 per cent increase over the ₹981 crore recorded in the previous financial year. The higher profits are mainly due to rise in production, prices, and exchange variation, a company statement said. Total income stood 40.5 per cent higher at ₹14,632 crore for the fiscal.
ONGC Videsh Limited (OVL) is a wholly owned subsidiary of public sector undertaking, Oil and Natural Gas Corporation (ONGC) Limited.
OVL’s consolidated crude oil production stood at 10.097 million tonne at the end of financial year 2018-2019. This is 8 per cent higher than the 9.353 million tonne crude oil production in the previous fiscal. Total natural gas production stood at 2.954 billion cubic meters in the period under review.
