State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported a 31% jump in its March quarter net profit as it got the best ever price for crude oil it produces and sells. Standalone net profit of Rs 8,859.54 crore, or Rs 7.04 per share, in January-March compared with Rs 6,733.97 crore, or Rs 5.35 a share, in the same period a year back, according to the company’s regulatory filing. Revenue from operations rose to Rs 34,497.24 crore in the fourth quarter of 2021-22 fiscal from Rs 21,188.91 crore in January-March 2021.
For the full fiscal (April 2021 to March 2022), ONGC posted a record net profit of Rs 40,305.74 crore, up from Rs 11,246.44 crore in the previous financial year. This after international energy prices surged from late 2021 and spiked after Russia invaded Ukraine in February. ONGC gets international prices for crude oil it produces and so it benefited from the surge in energy prices.
ONGC gets international rates as the downstream fuel retailers too price petrol, diesel and other petroleum products at global rates.