ONGC profits go down 67% in December Quarter

New Delhi, 14/2: Oil and Natural Gas Corporation (ONGC) has registered a decline of 67% in its profit i.e. Rs 1,378 crore in the third quarter of the current financial year. Last year the net profit was Rs 4,226 crore.

According to the company’s regulatory filing to BSE, the company’s standalone revenue from operations slipped 28 percent in the third quarter to Rs 17,023.80 crore, compared to ₹ 23,710.05 crore last year. The company’s quarterly performance was impacted by crude oil and natural gas prices due to the COVID-19 pandemic, as well as volatile global crude oil and natural gas markets.

”Despite countrywide lockdown due to COVID-19 pandemic, ONGC has almost reached last year’s production levels in case of crude oil from its operated blocks. The shortfall in gas production is primarily due to less offtake by customers due to the COVID-19 pandemic,” ONGC said in a statement.