New Delhi (Anish Yande):
Shares of Oil and Natural Gas Corporation fell by 2 per cent on Friday’s trading session following the announcement of quarterly results in 2021. ONGC shares opened at Rs 116.80 per share from its previous close of Rs 116.25 per share on Thursday. The shares of the oil production company’s rose to an intraday high of Rs 116.95 per share. The market cap of the company rose to Rs 146,057 crore.
Oil and Natural Gas Corporation net profit declines
37.44 per cent:
Oil and Natural Gas Corporation reported a consolidated net profit of Rs 10,946 crore in the corresponding quarter last year. The oil production company’s consolidated net profit increased to Rs 6,847 crore for the quarter ended June 30. The Q1 net profit declined by 37.44 per cent on a year-on-year basis.
The net profit of ONGC was at Rs 4,335 crore in the first quarter of this fiscal as compared to a net profit of Rs 6,734 crore in the previous March quarter. In the June quarter of 2020-21, ONGC had reported a net profit of Rs 497 crore.
The consolidated total income of Oil and Natural Gas Corporation during the June quarter was at Rs 1,09,301.82 crore, as compared to Rs 63,694.14 crore in the corresponding quarter last year.
ONGC’s
gross revenue surges to Rs 23,022 crore:
ONGC’s total income in the June quarter of last fiscal had been reported at Rs 63,694 crore. Oil and Natural Gas Corporation gross revenue rose to Rs 23,022 crore, at an increase of 77 per cent on a YoY basis. The oil production company’s gross revenue was at Rs 13,011 crore in the corresponding period of the last financial year.
Total crude oil production of ONGC during the quarter fell to 5.395 million tonnes, at a decrease of 4.8 per cent. Gas production also reduced 4.3 per cent to 5.309 billion cubic metres.
ONGC’s profit from exploration and production rose to Rs 6,225.29 crore in Q1 FY22, at an increase of Rs 1,557.2 crore last year.
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