ONGC Posts Record Quarterly Profit as Crude Oil Prices Soar

State-owned Oil and Natural Gas Corporation (ONGC) reported its highest-ever quarterly profit before tax of Rs 22,848.02 crore in the June quarter, more than doubling its standalone net profit to Rs 17,033.81 crore.

The increase was largely driven by higher crude oil and gas realisations, with net realisation from nominated crude surging 50.4% to $99.45 per barrel from $66.13, while rupee realisation increased 66.5% to Rs 9,419 per barrel.

ONGC's standalone revenue rose 45.2% to Rs 46,460.45 crore from Rs 32,002.89 crore in the corresponding quarter last year.