State-run Oil and Natural Gas Corporation (ONGC) reported a pre-tax loss of Rs 10,529 crore in the fourth quarter of the financial year 2019-20 (Q4FY20) because of a drop in crude oil prices, the impact of the lockdown, and exchange losses.
This is ONGC’s first ever quarterly loss. It earned a profit before tax (PBT) of Rs 11,691 crore in the corresponding period of FY19. The company’s revenue from operations declined by 7 per cent to Rs 104,489 crore in the period under review, compared to Rs 112,539 crore the previous year. “This is one of the first times in recent years that we are posting a loss. The combined impact of reduced demand, Covid-19, reduced offtake and lower crude prices