ONGC Surges Past Double on Higher Oil Prices Amid Output Decline

India's Oil and Natural Gas Corporation (ONGC) posted a massive quarterly profit surge of nearly double, despite its oil and gas output falling by 3.4% in the April-to-June period.

The company's net income rose to 170.34 billion rupees ($1.8 billion), exceeding the consensus forecast from Bloomberg of 152.67 billion rupees.

ONGC's sales climbed 45% year-over-year, reaching 464.60 billion rupees, driven by elevated crude and natural gas prices, as well as a depreciating rupee.

The price boost was crucial for ONGC, as its production lagged behind due to older reservoirs depleting and new projects taking time to offset the losses.