fbpx
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.

More News

High Court Orders Winding Up of SpiceJet Over Outstanding Dues

The Madras High Court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the High Court...

Sensex Jumps 887 Points, Nifty Above 17150

Domestic markets resumed up-trend after two sessions under the grip of bears. S&P BSE Sensex zoomed 887 points or 1.5% to end at 57,633...

Gold Update: 1815.21 or 1742.08 In This Week?

Gold is facing Resistance at 1786; 4H close above this will open the door for 1815.21 once again. So, that’s bullish case, for very short...

Most Popular

RELATED ARTICLES

High Court Orders Winding Up of SpiceJet Over Outstanding Dues

The Madras High Court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the High Court...

Sensex Jumps 887 Points, Nifty Above 17150

Domestic markets resumed up-trend after two sessions under the grip of bears. S&P BSE Sensex zoomed 887 points or 1.5% to end at 57,633...

Gold Update: 1815.21 or 1742.08 In This Week?

Gold is facing Resistance at 1786; 4H close above this will open the door for 1815.21 once again. So, that’s bullish case, for very short...