22-February-2024
Corporate News
 
ONGC posts 7.9 per cent fall in profit in Q3
12-Feb-2024

State-owned Oil and Natural Gas Corporation (ONGC) reported a decline of 7.9% in its consolidated net profit to Rs 10,748.5 crore in Q3FY24 compared with Rs 11,665 crore in the corresponding quarter last fiscal, as revenue fell. The profit fell by a sharper 35% on a sequential basis from Rs 16,553.32 crore in Q2FY24. The decline was also due to lower price realisation in the last quarter. Realisations fell 6.4% to $81.59 per barrel. Gas prices, too, were lower by 24.2% at $6.5 per mmBtu.

News Source:- https://www.financialexpress.com/business/industry-ongc-q3-profit-falls-14-pc-to-rs-9536-cr-on-lower-oil-prices-3390750/