ONGC’s December quarter profit rises 26% to Rs 11,045 crore

NEW DELHI: State-owned explorer ONGC on Tuesday reported a standalone profit of Rs 11,045 crore for the quarter ending December 30, 2022, recording a growth of 26 per cent over the Rs 8,764 crore profit recorded during the corresponding period of last year.

The Maharatna company's standalone revenue rose by 36 per cent to Rs 38,583 crore from Rs 28,473 crore registered in the year-ago period.

The rise in ONGC's revenue and profit was mainly driven by surging APM gas prices, though they were impacted by a rather subdued growth in its oil and gas business volumes.