fbpx
  Previous   Next
HomeBusinessONGC Reports Highest Ever Net Profit In Q2

ONGC Reports Highest Ever Net Profit In Q2

Oil and Natural Gas Corp (ONGC) announced its July-September quarter results on November 12.

The state-owned oil and gas exploration and production company reported a consolidated profit after tax (PAT) of Rs 18,749 crore increasing 3.3x/234% from a PAT of Rs 5,675 crore in the corresponding quarter last year and higher by 174% from a PAT of Rs 6,847 crore in the preceding quarter.

The consolidated revenues at Rs 1,22,029 crore climbed up 46% from Rs 83,619 crore recorded in the corresponding quarter last year. On a sequential basis, consolidated revenues are up 13% from Rs. 1,08,136 crore was reported in the previous quarter.

“During the quarter, the company has decided to opt for lower tax regime u/s 115BAA of the Income Tax Act, 1961, with effect from FY 2020-21. Accordingly, the company has recognized provision for tax expenses and re-measured its net deferred tax liabilities”, said the company.

The net impact due to availing of the option has resulted in a decrease in deferred tax liability by Rs 8,541 crore and a decrease in current tax liability by Rs 1,304 crore. This tax write-back of Rs 7,195 crore has inflated the bottom line in this quarter.

The company benefitted from higher crude realizations and higher prices of value-added products.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News

India Has Two Major Obstacles In Dealing With China: Jaishankar 

Speaking at the media summit, Mr. Jaishankar said asserted that India has two enormous handicaps in dealing with China including the defeat in the...

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...

RELATED NEWS

Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...