New Delhi, May 21, 2024.
State-owned Oil and Natural Gas Corporation’s (ONGC) March quarter net profit soared 19 times as the year-ago period had a one-time exceptional provision, while it posted a record earning for the full fiscal.
The company’s standalone net profit of Rs 9,869 crore in January-March – the fourth quarter of fiscal year 2023-24 – compared with a profit of Rs 528 crore in the same period of the previous financial year, according to a company statement.
India’s top oil and gas producer had made a provision of Rs 9,235 crore in the January-March 2023 quarter towards disputed taxes for the period from April 1, 2016, to March 31, 2022.