ONGC profit rises 58% in Q1 to Rs 61.4 bn on higher net realisation

ONGC gross revenue for the period under review was seen 43% up at Rs 272.13 bn, as against Rs 190.73 bn

State-run Oil and Natural Gas Corporation, ONGC has posted a 58 per cent increase in net profit during the first quarter of the financial year 2018-19 to Rs 61.44 billion, compared to Rs 38.85 billion on the back of higher net realisation owing to rise in prices.

Meanwhile, the company’s gross revenue for the period under review was seen 43 per cent up at Rs 272.13 billion, as against Rs 190.73 billion. The company’s net realisation on crude oil for the April to June quarter of the current financial year was seen at $71.48 a barrel, compared to $48.42 a barrel