Home >Companies >Company Results >ONGC Q1 net up 772% to Rs4335 crore

State run Oil and Natural Gas Corporation (ONGC) registered a 772% increase in net profit to Rs4,335 crore for the quarter ended 30 June, the upstream explorer said in a late statement on Friday.

The hydrocarbon exploration major’s gross revenue for the April-June quarter was up by 77% to Rs23,022 crore due to higher crude oil price realisation, as compared to Rs13,011 crore gross revenue earned in the corresponding period of the last financial year.

Following the covid outbreak, crude prices for Indian basket of crude had plunged to $19.90 in April last year during the first coronavirus pandemic wave before recovering to 73.54 a barrel in July, data from the Petroleum Planning and Analysis Cell showed.

The demand since then has come back, with the net realization for ONGC in Q1 being $65.59 per barrel from nominated fields, as compared to $28.87 per barrel in the first quarter of 2020-21. The net realization was $66.86 per barrel from joint venture acreages. On a consolidated basis, ONGC registered a net profit of Rs6,847 crore on a gross revenue of Rs1.08 trillion in the first quarter this fiscal.

ONGC has been trying to increase production at a time when the country’ domestic crude and oil and gas production have been faltering. India’s oil and gas production fell by 5.22% and 8.06% respectively during April 2020 to March 2021, as compared to the corresponding period in the previous financial year.

This comes in the backdrop of India, the world’s third-largest oil importer witnessing an upward trajectory of transportation fuel prices. Diesel and petrol prices are at a record high and have already breached the 100 mark.

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