Oil and Natural Gas Corporation reported a standalone net profit of Rs 15,206 crore in Q1 FY23, steeply higher than Rs 4,335 crore recorded in Q1 FY22.
Net revenue increased 83.8% YoY to Rs 42320.72 crore during the quarter.
ONGC recorded a pre-tax profit of Rs 20342.97 crore in Q1 FY23. It had reported a pre-tax profit of Rs 6750.17 crore in the same period last year.
While the company's net crude oil price realization was $108.54 per barrel (up 65.5% YoY), gas price realization was $6.10 per mmbtu (up 240.8% YoY) in the first quarter.
ONGC's crude oil production rose by 3.2% to 4.742 MMT in Q1 FY23 over Q1 FY22. Gas production during the period under review was 5.216 BCM, up by 2.1% on YoY basis.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.91% stake in ONGC as of June 2022.
The scrip jumped 4.94% to end at Rs 139.25 on the BSE yesterday.
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