New Delhi: Oil and Natural Gas Corp (ONGC) has reported a 32% drop in the fourth-quarter profit on increased statutory levies and impairment.
ONGC, the countrys largest oil and gas producer, reported a profit of Rs 4,045 crore in the Jan-March quarter. Revenue for the period expanded nearly 12% to Rs 26,759 crore from a year earlier on higher oil prices.
Price realized for crude oil from nominated fields rose 5.6% to Rs 4,365 a barrel while prices from joint venture fields increased 11.9% to Rs 4,320 per barrel during the quarter compared to the year-ago period. Gas price during the quarter was 16.3% up at $3.36 per million metric British thermal unit.
Production of crude oil fell 4.9% but gas output rose 7.9% in the fourth quarter compared to the year-ago period.
The statutory levies rose to Rs 7,188 crore in the quarter from Rs 5,764 crore in the year-ago quarter while expenditure under depreciation, depletion, amortization and impairment has increased to Rs 4,883 crore from Rs 3,245 crore a year earlier.
ONGC has deposited a total of Rs 4,180 crore as service tax, GST and the applicable interest in response to the tax demand by authorities while it is contesting the order legally. The Company has received demand orders from Service Tax Department at various work centres on account of service tax on royalRead More – Source
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