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ONGC Q2 net profit drops over 36 per cent

By Indian Mandarins- 15 Nov 2019
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Public Sector oil company ONGC reported a 36.2% drop in second quarter net profit as it faced double whammy of fall in oil production and drop in prices. Net profit in July-September quarter reported at Rs 5,276 crore that was 36.2 per cent lower than Rs 8,271 crore profit after tax in the corresponding period last year.

Revenue fell to 10.5 per cent to Rs 1.01 lakh crore. Oil production fell 3.9 per cent to 5.8 million tonnes while gas output fell 1.6 per cent to 6.2 billion cubic metres. The company got $60.33 for every barrel of crude oil it produced and sold, down from $73.07 realisation a year back. Gas price realisation, however, was up 20 per cent at $3.69 per million British thermal unit.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.