Oil and Natural Gas Corporation Ltd (ONGC) in a statement issued on Tuesday said it had posted a net profit of Rs 18,347.73 crore in the year-ago quarter.
At the same time, the company’s net profit fell by 15.6 percent in the July-September quarter as compared to the April-June quarter. In the first quarter, the company had earned a profit of Rs 15,205.85 crore.
The windfall tax imposed on domestic petroleum products from July 1 has played an important role in the decline in ONGC’s profit. Due to this tax, the company could not get that much benefit from the increase in the price of crude oil and gas at the international level.
ONGC Director (Finance) Pomila Jaspal said in an investor interaction that in the last quarter, the company paid Rs 6,400 crore to the government as special additional excise duty. He said that if ONGC did not have to pay this tax, it would have earned its highest profit in the July-September quarter.
ONGC sells crude oil at international standard rate which is processed at oil refinery to make petrol, diesel and other petroleum products. The company’s oil and gas production declined by two per cent in the September quarter.
ONGC got $6.10 per MBTU (per unit) for its natural gas in the second quarter as against $1.79 a year ago.
Along with this, the board of directors of ONGC has approved an interim dividend of 135 per cent. In this way, a total of Rs 8,492 crore will be given as interim dividend, out of which a major part will go to the government.
Source: navbharattimes.indiatimes.com
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