ONGC logs multi-fold rise in Q1 net profit at Rs 4,335 cr

Mumbai, Aug 13 State-run oil and gas major ONGC on Friday reported a multi-fold rise in its standalone net profit for the April-June quarter, at Rs 4,335 crore.

During the same period of the last fiscal, the company had reported a net profit of Rs 497 crore.

In a tweet, the company said: "Energy Maharatna ONGC posts net profit of Rs 4,335 crore for Q1 FY 2021-22, up over 772 per cent from Q1 FY 2020-21. Crude Oil Production 5.4 MMT, Gas 5.3 BCM in this current Q1."

Its gross revenue for the first quarter of FY22 stood at Rs 23,022 crore, nearly 77 per cent higher than Rs 13,011 crore earned in the same period of FY21.

The company has assessed the possible impact of continuing Covid-19 on the basis of internal and external sources of information and expects no significant impact on the continuity of operations, useful life of property plant and equipment, recoverability of assets, trade receivables among others, and the financial position of the company on a long-term basis.

"However, the revenue for the quarter ended June 30, 2020,were impacted by low crude oil and natural gas prices due to the Covid-19 pandemic and volatile global crude oil and natural gas markets. Accordingly, the same are not comparable with those for the quarter ended June 30, 2021," it said in a regulatory filing.

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