Net profit of ONGC during the second quarter of the current financial year to ₹2,878 crore, 55 per cent lower than ₹6,336 crore posted in the corresponding period in the last fiscal, a company statement said on Friday.
The PSU giant's gross revenues too had a 31 per cent fall to ₹16,917 crore as compared to ₹24,493 crore YoY.
During this period ONGC produced 5.686 million tonnes of crude oil and 5.880 billion cubic metres of natural gas.
"The revenue and PAT for Q2 and H1 of FY’21 have declined as compared to the corresponding period of FY20, mainly due to lower crude oil price realisation. Lower gas prices also contributed to lower topline and bottom line," ONGC said.
The company has also recognised an exceptional item towards impairment loss of ₹1,238 crore in Q2 FY’21 to factor into estimated future crude oil and natural gas prices. This impairment loss may be reversed in future as and when there is an increase in crude oil and gas price, it said.