ONGC records 772 per cent YoY increase in net profit during first quarter of FY 2022

Oil and natural Gas Corporation (ONGC) has registered a 772 per cent year-on-year rise in standalone net profit. ONGC’s net progit during the first quarter of financial year (FY) 2021-22 stood at Rs 43.35 billion against a profit of Rs 4.97 billion during the same period in FY 2020-21. ONGC registered gross revenue of Rs 230.22 billion in the quarter under review, increasing by 76.90 per cent from Rs 130.11 billion during the same in 2020-21.

ONGC’s own gas production slid 5.3 per cent at 5.1 billion cubic metres (bcm) while that of joint venture fields rose by a third to 0.20 bcm. Overall, the gas output declined 4.3 per cent to 5.3 bcm.