ONGC PAT rises 17% in Jul-Sep qtr

State-owned Oil and Natural Gas Corporation (ONGC) on Monday reported a 17 percent rise in its second-quarter net profit primarily because of lower windfall and other taxes.

Standalone net profit of Rs 11,948.02 crore in July-September -- the second quarter of the current 2024-25 fiscal year -- was higher than Rs 10,238.10 crore earning in the same period last year, according to a company's stock exchange filing.

The profit was also higher than Rs 8,938.10 crore earning in the preceding quarter of April-June 2024.

The rise in profit was primarily because of lower windfall tax levied by the government as oil prices dropped.

ONGC paid Rs 7,829.51 crore in statutory levies in Q2, down from Rs 10,791.09 crore in July-September 2023 and Rs 9,771.95 crore in April-June 2024.