Oil and Natural Gas Corporation (ONGC) announced the results of the second quarter (2021-22) on Friday. According to these results, ONGC has earned more net profit than any Indian company. The company has declared 110 percent dividend. That is, a dividend of Rs 5.50 is being given on an equity share of Rs. According to ONGC, its net profit during July-September stood at Rs 18,347.73 crore, as against Rs 2,757.77 crore in the same period a year ago (2020-21). This is the highest net profit for any company in the country in any quarter. The company had achieved a net profit of Rs 11,246.44 crore in the financial year 2020-21.
In terms of net profit, ahead of Indian Oil
The company overtook Indian Oil in terms of net profit. Indian Oil Corporation (IOC) had posted a net profit of Rs 14,512.81 crore in January-March 2013. It was a record. But in the first half (April-September) of the current financial year, ONGC made a net profit of Rs 22,682.48 crore, as against Rs 3,254.35 crore in the same period a year ago (2020-21). In the second quarter (July-September) of the current financial year, the company’s net profit was higher due to higher oil prices and one-time tax profit of Rs 8,541 crore.
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Production decreased but profit increased due to costlier oil and gas
ONGC has made this profit despite the reduction in oil and gas production. In fact, the company has benefited a lot due to the high prices of oil and gas. As far as production is concerned, the company’s crude oil production declined by 3.8 percent to 54 lakh tonnes. While gas production declined by 7 per cent to 5.4 billion cubic metres. The company’s standalone gross revenue increased to Rs 24,353 crore in the July-September quarter.
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