NEW DELHI: State-run Oil and Natural Gas Corporation (ONGC) on Thursday reported a nearly 65 per cent jump in net profit for the quarter ended December 31 compared to the same period of the previous year, with higher oil prices offsetting a fall in production. The company recorded a net profit of Rs 8,262.70 crore against Rs 5,014.67 crore the previous year.
According to the oil and gas major, it realised $66.38 for every barrel of crude oil it sold in the quarter, 13.6 per cent higher than $58.42 per barrel realised during the same period of the previous year. Gas prices, meanwhile, were a whopping 163 per cent higher during the quarter compared to the previous year.
Revenue from operations rose to Rs 27,694.09 crore from Rs 22,995.88 crore, but crude oil production dropped 4.8 per cent while gas output rose 6.6 per cent.