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ONGC results: On May 28, Oil and Natural Gas Corporation (ONGC) reported a 31.5 percent increase in net profit for the March quarter, owing to the best-ever price for crude oil it produces and sells. According to the company's regulatory filing, standalone net profit was 8,859.54 crore, or 7.04 per share, in January-March, compared to 6,733.97 crore, or 5.35 per share, in the same period a year ago.

From 21,188.91 crore in January-March 2021 to 34,497.24 crore in the fourth quarter of the fiscal year 2021-22, revenue from operations increased to 34,497.24 crore. ONGC reported a record net profit of 40,305.74 crore for the full fiscal year (April 2021 to March 2022), up from 11,246.44 crore the previous year.

This comes after international energy costs began to rise in late 2021 and peaked in February after Russia invaded Ukraine. ONGC receives international pricing for the crude oil it produces, hence the rise in energy prices benefited it.

ONGC gets international rates as the downstream fuel retailers too price petrol, diesel and other petroleum products at global rates.

Consolidated net profit, after including those earned by its subsidiaries like HPCL and ONGC Videsh Ltd, soared to 12,061.44 crore in March quarter and 49,294.06 crore in the full fiscal 2021-22. This compared to 10,963.04 crore in January-March 2021 and 21,360.25 crore in 2020-21.

(With PTI inputs)

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