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.