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ONGC net falls 37% in Q2 on drop in oil prices

ONGC net falls 37% in Q2 on drop in oil prices
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New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Thursday reported a 36.2 per cent drop in second quarter net profit as it faced double whammy of fall in oil production and drop in prices.

Net profit in July-September at Rs 5,276 crore was 36.2 per cent lower than Rs 8,271 crore profit after tax in the same period a year back, the company said in a statement.

Revenue fell 10.5 per cent to Rs 1.01 lakh crore.

Oil production fell 3.9 per cent to 5.8 million tonnes while gas output fell 1.6 per cent to 6.2 billion cubic metres.

The company got $60.33 for every barrel of crude oil it produced and sold, down from $73.07 realisation a year back. Gas price realisation, however, was up 20 per cent at $3.69 per million British thermal unit, the statement said.

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