ONGC Posts a 58.15% Rise in Q1 Net Profits

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    Government-owned oil and gas major ONGC reported a 58.15 percent year-on-year rise in net profits for the April-June 2018 quarter (Q1) at Rs 6,143.88 crore from Rs 3,884.73 crore in the previous year.

    As per its stock-exchange filing, revenue from operations rose to Rs 27,212.83 crore in the June 2018 quarter from Rs 19,073.54 crore in June 2017. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased by 58.32 percent to Rs 13,893 crore for the quarter under review from the previous year's figure of Rs 8,775 crore.

    ONGC Posts a 58.15% Rise in Q1 Net Profits
     

    ONGC's revenue from offshore operations was up by 38 percent to Rs 18,066 crore and total expenses increased by 30 percent to Rs 18,256 crore, for the June 2018 quarter.

    The standalone profits of ONGC for the quarter are lower than expected by analysts due to increased expenditure.

    Prices of locally produced gas were increased by about 6 percent for April-September to $3.06 per million British thermal units (mBtu) in India, as against $2.89 per mBtu in the previous six months.

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