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ONGC posts 20% drop in quarterly profit
![IndiaTimes]()
Friday, 10 November 2023
State-run Oil and Natural Gas Corp (ONGC) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil. Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply. The company's profit fell to Rs 10,216 crore ($1.2 billion) for the quarter ended September 30, compared with Rs 128, 26 crore a year earlier. Crude oil price realisation, or the price at which it sells the product, was down 11.2% at $84.84 per barrel in the latest quarter.
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Friday, 10 November 2023
