NEW DELHI: India\u2019s largest oil and gas producer ONGC on Tuesday reported its first-ever quarterly loss at Rs 3,098 crore in the January-March period, against a profit of Rs 4,240 crore in the previous corresponding quarter, after the state-run company booked impairment cost on account of the crash in oil and gas prices.
\nThe loss would have been even bigger had it not been for a Rs 1,641.5-crore deferred tax reversal during the quarter.
\nCompany chairman Shashi Shanker said ONGC would have posted a profit if it had not booked the impairment cost of Rs 4,899 crore. The impairment was booked after considering possible effects of COVID-19 on the extent to which the company\u2019s cash-generating units and oil prices can recover.
\nThe impairment also halved the net profit for 2019-20 to Rs 13,445 crore from Rs 26,765 crore in the previous financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: India\u2019s largest oil and gas producer ONGC on Tuesday reported its first-ever quarterly loss at Rs 3,098 crore in the January-March period, against a profit of Rs 4,240 crore in the previous corresponding quarter, after the state-run company booked impairment cost on account of the crash in oil and gas prices. The loss would have been even bigger had it not been for a Rs 1,641.5-crore deferred tax reversal during the quarter. Company chairman Shashi Shanker said ONGC would have posted a profit if it had not booked the impairment cost of Rs 4,899 crore. The impairment was […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-360501","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/360501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=360501"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/360501\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=360501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=360501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=360501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}