ONGC Posts Record Q1 Profit on Higher Oil Prices

Oil and Natural Gas Corp., India's top oil and gas producer, has reported higher profits in its first quarter due to surging crude oil and natural gas prices, as well as a weaker rupee. The company's net income more than doubled to 170.34 billion rupees ($1.8 billion) for the quarter ending June, exceeding estimates of 152.67 billion rupees.

The New Delhi-based explorer saw revenue jump by 45% from a year ago to 464.60 billion rupees. This increase in earnings comes as global oil and gas prices have risen due to various factors, including supply chain disruptions and geopolitical tensions.