The Hindu·2 min read·medium
ONGC’s net profit more than doubles with spike in net crude price realisations
T
The Hindu Bureau
✦AI Summary
ONGC reported a 112% increase in net profit for the June-end quarter, reaching ₹17,034 crore, driven by a 50% rise in crude oil price realizations. Despite flat production volumes, the company expects to reverse production declines through new strategic projects.
State-owned explorer Oil and Natural Gas Corporation’s (ONGC) net profit more than doubled in the June-end quarter fuelled by a more-than-half times increase in net crude price realisations.
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