ONGC profit up 2-fold on gas dues received

Oil & Natural Gas Corporation (ONGC) on Friday announced an over two-fold jump in net profit at Rs7,083 crore for the quarter ended December against Rs3,054 crore in the year-ago period mainly on the back of a one-time settlement charge received on natural gas dues.

Oil & Natural Gas Corporation (ONGC) on Friday announced an over two-fold jump in net profit at Rs7,083 crore for the quarter ended December against Rs3,054 crore in the year-ago period mainly on the back of a one-time settlement charge received on natural gas dues.

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It received Rs1,900 crore from gas bill accounts on past dues. Besides, the company's net realisation on crude sale, up 12.3% to $64.79 per barrel, also boosted profit. It also received more than double the price for the natural gas produced at $4.2 per million British thermal unit.

ONGC’s board also approved a stock split and issuance of bonus shares in the ratio of 1:1.