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    ONGC Q1 results: Net profit spikes 800% YoY to Rs 4,334.8 crore, misses estimate

    ONGC Q1 results: Net profit spikes 800% YoY to Rs 4,334.8 crore, misses estimate

    ONGC Q1 results: Net profit spikes 800% YoY to Rs 4,334.8 crore, misses estimate
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    By CNBC-TV18  IST (Published)

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    CNBC-TV18 Poll had predicted a profit of Rs 4,565 crore for the quarter under review.

    Oil and Natural Gas Corporation (ONGC), the country’s largest oil and natural gas producer, reported a 800 percent year-on-year (YoY) jump in net profit at Rs 4,334.8 crore for the first quarter ended June 30, 2021, after more than doubling of oil prices compensated for a fall in production.
    In the corresponding quarter last year, the company posted a net profit of Rs 497 crore. CNBC-TV18 Poll had predicted a profit of Rs 4,565 crore for the quarter under review.
    The firm got $65.59 for every barrel of crude oil it produced and sold in the first quarter of the 2021-22 fiscal as compared to $28.87 per barrel realisation in April-June 2020. Gas price was lower by a quarter at $1.79 per million British thermal unit.
    The company produced nearly 5 percent less crude oil at 5.4 million tonne in the quarter while natural gas output was 4.3 percent lower at 5.3 billion cubic metres.
    Of the oil production, ONGC produced 4.6 million tonne from fields it operates and another 0.55 million tonne from those in joint ventures with other partners. Own production was down 4.2 per cent and joint venture output fell 2.8 percent.
    ONGC's own gas production was down 5.3 percent at 5.1 billion cubic metres while that of joint venture fields was up by a third to 0.2 billion cubic metres. Overall the gas output was down 4.3 percent at 5.3 billion cubic metres. Gross revenue rose 77 percent to Rs 23,022 crore.
    The results came after the close of the market hours. Shares of ONGC ended at Rs 116.10, down by Rs 0.050, or 0.043 percent on the BSE.
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