ONGC Q1 net profit up 772 per cent at Rs 4,335 crore

State-owned Oil and Natural Gas Corporation’s (ONGC) net profit grew nearly 800 per cent in the first quarter of the current financial year ended June. The company said the fall in production during the quarter was offset by nearly doubling of oil prices.

The company said in a statement on Saturday that its net profit for the April-June quarter grew by 772.2 per cent to Rs 4,335 crore. It stood at Rs 497 crore in the same quarter of the previous financial year. In the same quarter of the last financial year, there was a fall in demand due to the lockdown implemented due to COVID-19, which affected the company’s profits.

During the quarter, ONGC received $65.59 on sale of each barrel of crude it produced. With this, the company had received $ 28.87 on each barrel of crude oil in the same quarter of the previous fiscal.

Gas prices stood at $1.79 per unit during the quarter. During this period, the company’s crude oil production declined by about five percent to 5.4 million tonnes. At the same time, the production of natural gas was lower by 4.3 percent i.e. 5.3 billion cubic meters.

The company said its total revenue grew 77 per cent to Rs 23,022 crore during the quarter.