 "A technician works inside the ONGC group gathering station on the outskirts of Ahmedabad. Photo: Reuters")
State-owned Oil and Natural Gas Corp (ONGC) today reported 64% drop in its December quarter net profit mainly because of one-time write off on falling crude oil prices.
Net profit in October-December at Rs 1,286 crore was 64% lower than Rs 3,571 crore in the same period a year ago, ONGC chairman and managing director D K Sarraf told reporters here.
The profit was down as Rs 3,994 crore was provided as impairment loss, he said.
Revenue was down 2.3% to Rs 18,547 crore on falling oil prices, he said.
