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ONGC Q2 Results: Profit falls 20% YoY to Rs 10,216 crore on lower oil prices
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ONGC) profit fell 20% year-on-year in the July-September quarter to Rs 10,216 crore on lower oil prices and production.
The gas price, however, rose 6.6% to $6.5 per mmbtu, aiding the quarterly profit. Crude oil prices have been volatile due to geopolitical tensions, the OPEC+ supply cut decision, and conflicting global demand signals.
An artificial supply curb by OPEC+ has kept oil prices high, helping producers like ONGC to reap large profits.
The company’s crude oil production fell 2% year-on-year to 5.25 million metric tonnes during the quarter. The gas production fell nearly 3% to 5.2 billion cubic meter.
About this in other media
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