scorecardresearchONGC reports highest net profit of ₹40,306 crore; becomes India's 2nd most profitable firm

ONGC reports highest net profit of 40,306 crore; becomes India's 2nd most profitable firm

Updated: 29 May 2022, 10:00 AM IST
TL;DR.
In a statement, ONGC said net profit for the fiscal FY22 (April 2021 to March 2022) soared 258 per cent to 40,305.74 crore from 11,246.44 crore in the previous financial year. This as it got an average of USD 76.62 for every barrel of crude oil produced and sold in the fiscal as against USD 42.78 per barrel net realisation in the previous year.
A worker inspects a land drilling oil rig, manufactured by Megha Engineering and Infrastructures Ltd. (MEIL) and operated by Oil and Natural Gas Corp., during a media tour in Bhimavaram, Andhra Pradesh, India, on Tuesday, March 8, 2022. MEIL has supplied 10 land drilling oil rigs to ONGC, with three already in operation, according to a company statement. Photographer: Sumit Dayal/Bloomberg

A worker inspects a land drilling oil rig, manufactured by Megha Engineering and Infrastructures Ltd. (MEIL) and operated by Oil and Natural Gas Corp., during a media tour in Bhimavaram, Andhra Pradesh, India, on Tuesday, March 8, 2022. MEIL has supplied 10 land drilling oil rigs to ONGC, with three already in operation, according to a company statement. Photographer: Sumit Dayal/Bloomberg