Consolidated results include proceeds from ONGC's subsidiary, HPCL

Thesynergyonline Corporate Bureau

NEW DELHI, AUGUST 13 : State-run oil and gas behemoth Oil and Natural Gas Corporation (ONGC)registered 7-fold rise in consolidated profit to Rs 6,846.73 crore for the first quarter of financial year 2021-22 (Q1FY22). The consolidated profit was Rs 1,085.05 crore in the corresponding quarter last year. .

On a standalone basis, gross revenue stood at Rs 23,022 crore in Q1, up from Rs 13,011 crore last year. Standalone Net profit rose to Rs 4,335 crore, up from Rs 497 crore in Q1FY21.

Profit from exploration and production, ONGC's core business area, stood at Rs 6,225.29 crore in Q1, up from Rs 1,557.2 crore last year.

In the fourth quarter of financial year 2021-22 (Q1FY22) the net realisation per barrel of crude oil produced by ONGC from nominated fields rose to $65.59 a barrel.

Total crude oil production in the quarter under review declined by 4.8 per cent to 5.395 million tonnes. Gas production also fell 4.3 per cent to 5.309 billion cubic metres.