ONGC's second quarter profits fall by 24%

Diversified energy major ONGC on Thursday reported a decline of 24.2 per cent in its standalone net profit for the quarter ended September 30.

According to the company, the standalone Q2 net profit fell to Rs 6,263 crore against Rs 8,265 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues declined 12.5 per cent to Rs 24,493 crore against Rs 27,989 crore in 2018-19.

On a consolidated basis, the company reported a decline of 37.2 per cent in its Q2 net profit at Rs 5,487 crore from Rs 8,731 crore on a YoY basis.

The company reported that its consolidated net profit attributable to owners was down 36.2 per cent to Rs 5,276 crore from Rs 8,271 crore reported for the corresponding period of the previous year.