ONGC Q2 net rises 6% to R5,388.8 cr

The country’s most valuable company, the state-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 6 per cent rise in its net profit to R5,388.8 crore in the quarter ended September 30.

The country’s most valuable company, the state-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 6 per cent rise in its net profit to R5,388.8 crore in the quarter ended September 30.

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Sales rose to R18,239.0 crore in the second quarter of current fiscal from R15,134.0 crore in the year-ago period.

ONGC said it paid R3,019.0 crore towards fuel subsidy in the quarter under review, as against R2,630.0 crore in the second quarter of last fiscal.

The company’s net realisation on crude sales was $62.75 a barrel after giving refiners IOC, BPCL and HPCL a discount to make up for one-third of their loss on sale of fuel below cost. Its net realisation in the second quarter of last year was $56.41 per barrel.