ONGC Q4 net profit up 36% to Rs 59 bn on higher net realisation

Net realisation for the quarter stood at $66.71 a barrel, compared to $54.91 during the fourth quarter of 2016-17

State-run Oil and Natural Gas Corporation (ONGC) has posted a net profit of Rs 59.15 billion for the fourth quarter of the financial year 2017-18, up 36.3 per cent from Rs 43.4 billion during the same quarter in 2016-17, due to higher net realisation.

The company’s gross revenue also rose 10.4 per cent during the quarter under review to Rs 239.7 billion, from Rs 217.14 billion. The net realisation for the quarter stood at $66.71 a barrel, compared to $54.91 a barrel during the fourth quarter of 2016-17.

The rising crude oil prices also had a positive impact on the company’s numbers