ONGC Reports 15% Drop in June Quarter Net Profit

State-owned Oil and Natural Gas Corporation (ONGC) has recorded a 15% decline in its June quarter net profit, attributing the drop to higher exploration cost write-offs. The firm reported a net profit of Rs 8,938.10 crore, down from Rs 10,526.78 crore last year. Despite this, its revenue from operations rose to Rs 35,266.38 crore.

State-owned Oil and Natural Gas Corporation (ONGC) reported a 15% decline in net profit for the June quarter, attributing the fall to higher exploration cost write-offs.

The company’s net profit totaled Rs 8,938.10 crore in the first quarter of the 2024-25 fiscal year, down from Rs 10,526.78 crore in the same period last year, according to a stock exchange filing.

The revenue from operations rose to Rs 35,266.38 crore from Rs 33,814.33 crore a year ago.