India’s Oil and Natural Gas Corporation (ONGC) reported standalone Q2 net profit of ₹15,489 crore, up 57.3% year on year as higher crude prices lifted margins. Profit was down 9.1% from the previous quarter. The company declared a record interim dividend of ₹8 per equity share. In the same quarter, the three state-run fuel retailers posted combined standalone profit of ₹30,106 crore; IOC contributed ₹21,630 crore, including about ₹7,000 crore in inventory gains.
Combined profit rose 68.3% year on year, but gains were concentrated at Indian Oil as the other two companies reported lower earnings.
Read the full storyRevenue rose 32.8% year on year, while consolidated profit reached 18,535 crore rupees; Reuters attributed the stronger margins to higher realized crude prices.
ONGC reported a 57% surge in quarterly net profit to ₹15,488.64 crore as revenue climbed to ₹43,875.15 crore for the period ending September.