ONGC web soars 800% in Q1

State-owned Oil and Natural Gas Corp (ONGC) web revenue soared by almost 800 per cent within the first quarter of the present fiscal after greater than doubling of oil costs compensated for a fall in manufacturing.
Net revenue in April-June at Rs 4,335 crore was 772.2 per cent greater than Rs 497 crore in Q1 of earlier fiscal when demand in addition to value had plummeted on account of coronavirus-related lockdown, the corporate mentioned in an announcement.
The agency received USD 65.59 for each barrel of crude oil it produced and offered within the first quarter of the 2021-22 fiscal as in comparison with USD 28.87 per barrel realisation in April-June 2020.
Gas value was decrease by 1 / 4 at USD 1.79 per million British thermal unit.
The firm produced almost 5 per cent much less crude oil at 5.4 million tonnes within the quarter whereas pure fuel output was 4.3 per cent decrease at 5.3 billion cubic metres.
Of the oil manufacturing, ONGC produced 4.6 million tonnes from fields it operates and one other 0.55 million tonnes from these in joint ventures with different companions. Own manufacturing was down 4.2 per cent and three way partnership output fell 2.8 per cent.
ONGC’s personal fuel manufacturing was down 5.3 per cent at 5.1 billion cubic metres whereas that of three way partnership fields was up by a 3rd to 0.2 billion cubic metres. Overall the fuel output was down 4.3 per cent at 5.3 billion cubic metres.
Gross income rose 77 per cent to Rs 23,022 crore.