India’s largest energy company Oil and Natural Gas Corporation (ONGC) has reported a 24.2 per cent year-on-year fall in its standalone net profit to Rs 6,263 crore for the quarter that ended on September 30.
The company had posted a profit of Rs 8,265 crore for the corresponding quarter of the last financial year.
While gross revenue plunged by 12.5 per cent to Rs 24,493 crore in Q2 FY20 from Rs 27,989 crore in Q2 FY19, total income dropped by 11 per cent to Rs 27,178 crore as against Rs 30,383 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Rs 11,693 crore while EBITDA margin was pegged at 47.7 per cent against 48.1 per cent quarter-on-quarter. Expenditure increased to Rs 18,140 crore in the September quarter, down from Rs 17,678 crore a year ago.
During this period, ONGC produced 5.842 million metric tonnes of crude oil and 6.265 billion cubic metres of natural gas.
ONGC is India’s largest crude oil and natural gas company, contributing about 70 per cent to the domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG.