Team Blitz India
NEW DELHI: State-run ONGC on August 12 reported a 102.6% rise in its consolidated net profit for the April-June quarter of Rs17,383 crore.
The growth in profit was aided by a decline in expenses. On a standalone basis, its net profit, however, fell 34.1% during the quarter under review toRs 10,015 cr.
The company attributed the decline in production to shut down in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernize its evacuation facilities, post taking over from JV partners” the disruption caused by Cyclone Biparjoy in June 2023.
