Wednesday, August 17th, 2022 17:28:34

ONGC declares results for Q2 FY’21

Updated: December 2, 2020 5:42 pm

In its 332nd meeting held on 13thNovember, 2020, ONGC Board approved the results for Second Quarter (Q2) of FY 2020-21 (FY’21). ONGC registered a Net Profit of ` 2,878 crore on the Gross Revenue of `16,917 crore during Q2 FY’21. During this period ONGC produced 5.686 MMT of Crude Oil and 5.880 BCM of Natural Gas.

The revenue and PAT for Q2 and H1 of FY’21 have declined as compared to corresponding period of FY’20 mainly due to lower crude oil price realization. Lower gas prices also contributed to lower topline and bottom line. The Company has also recognized an Exceptional Item towards impairment loss of `1,238 crore in Q2 FY’21 to factor into estimated future crude oil and natural gas prices. This impairment loss may be reversed in future as and when there is increase in crude.oil and gas price. However, PAT for Q2 FY’21 has increased by 480% i.e. from ` 496  crore in Q1 FY’21 to ` 2,878 crore in Q2 FY’21 due to recovery of crude oil price.




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