NEW DELHI: State-run explorer ONGC on Friday reported a net profit Rs 18,347 crore in the July-September period, marking the highest quarterly profit made by an Indian company. Profit zoomed 565% from Rs 2,758 crore in the previous corresponding period on the back of elevated oil prices and onetime gain on opting for a lower tax rate regime.
The record of highest quarterly profit was held by Reliance Industries, which had posted a profit of Rs15,479 crore during the last quarter. ONGC’s revenue surged 44% to Rs 24,353 in the July-September period against Rs16,917 crore in the same period of 2020 irealisation from each barrel of oil produced rose to $69.4, which offset the fall in production.
The board declared an interim dividend of Rs 5.5 per share, which traded 1% higher to close at Rs 154.80 on the NSE. The company decided to opt for a lower tax regime with effect from 2020-21 and re-measured its net deferred tax liabilities. The move lowered deferred tax by Rs 8,541 crore and current tax by Rs 1,304 crore.
A company statement said production of oil and gas has declined during the current year mainly due to restrictive conditions created by cyclone Tauktae, which hit operations in western offshore, and impact of the pandemic.
“Further delay in mobilization of Sagar Samrat to WO-16 Cluster project impacted
The record of highest quarterly profit was held by Reliance Industries, which had posted a profit of Rs15,479 crore during the last quarter. ONGC’s revenue surged 44% to Rs 24,353 in the July-September period against Rs16,917 crore in the same period of 2020 irealisation from each barrel of oil produced rose to $69.4, which offset the fall in production.
The board declared an interim dividend of Rs 5.5 per share, which traded 1% higher to close at Rs 154.80 on the NSE. The company decided to opt for a lower tax regime with effect from 2020-21 and re-measured its net deferred tax liabilities. The move lowered deferred tax by Rs 8,541 crore and current tax by Rs 1,304 crore.
A company statement said production of oil and gas has declined during the current year mainly due to restrictive conditions created by cyclone Tauktae, which hit operations in western offshore, and impact of the pandemic.
“Further delay in mobilization of Sagar Samrat to WO-16 Cluster project impacted
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