ONGC Q1 2021-22 net profit surges by 772% YoY to Rs 43.3bn

Oil and Natural Gas Corporation (ONGC) has reported a net profit of INR 4,335 crores for the first quarter of 2021-2022 (Q1 2021-22), a massive 772.2% increase, compared to INR 497 crores in the same period of the previous fiscal year.

The Indian state-owned oil and gas company had a 73% growth in its gross revenue for Q1 2021-22 at INR 1,08,136 crores, compared to INR 62,496 crores.

On the production front, ONGC reported 5.395 million metric tons (MMT) of crude oil for the reported quarter, which is 4.8% less than the 5.665 MMT of crude oil it produced in Q1 2020-21.

The Indian energy giant produced 5.309 billion cubic metres (BCM) of natural gas in Q1 2021-22, a 4.3% decline compared to 5.54BCM in the same period of the previous fiscal year.

For the record, ONGC reported gross revenue of INR 21,189 crores in Q4 2020-21 and a net profit of INR 6,734 crores. Check here for ONGC Q4 2020-21 results here.