New Delhi: Explorer State-Run Ongc on Friday reported RS 18.347 Crore’s net profit in the July-September period, marking the highest quarterly profit made by Indian companies.
Profit enlarged 565% of RS 2,758 Crore in the appropriate period in the back of the increase in oil prices and an increase in ONETIME on opting for lower tax rate regimes.
The highest quarterly profit record was held by Reliance Industries, which had posted RS15,479 crore profits during the last quarter.
Ongc’s revenue jumped 44% to RS 24,353 in the July-September period against RS16,917 Crore in the same period in 2020 of each barrel of oil produced to $ 69.4, which offset the decline in production.
The Board declared a temporary dividend of Rs 5.5 per share, which traded 1% higher closed at Rs 154.80 at NSE.
The company decided to choose a lower tax regime with the effect of 2020-21 and remedies the liability of clean deferred tax.
The move reduced deferred tax by RS 8,541 Crore and current tax by Rs 1,304 Crore.
A company statement said oil and gas production has declined during the current year due to the restrontive conditions created by the Tauktae cyclone, which carried out the operation off the west coast, and the impact of the pandemic.
“Further delay in Mobilization of Sagar Samrat against the WO-16 cluster project is affected