Oil and Natural Gas Corporation Ltd’s (ONGC) standalone net profit for the September quarter soared 565% to ₹18,347 crores. It was ₹2,758 crores in the corresponding quarter of last year.
Revenue from operations surged 44% to ₹24,353 for the quarter under review as against ₹16,917 crores in the same period last year.
The company’s Board has also declared an interim dividend of ₹5.50 per share.
During the quarter, the company said it has decided to opt for lower tax regime with effect from FY21. Accordingly, ONGC has recognized provision for tax expenses and re-measured its net deferred tax liabilities.
The net impact due to availing the option has resulted in decrease in deferred tax by ₹8,541 crore and decrease in current tax by ₹1,304 crore.
ONGC said the production of crude oil and gas has declined during current year mainly due to restrictive conditions created by cyclone Tauktae and due to Covid impact.
“Further delay in mobilization of MOPU Sagar Samrat to WO-16 Cluster project impacted production from this field,” it said.
On Friday, ONGC shares were trading 0.85% higher to settle at ₹154.80 apiece on NSE.