(THE NEWSMAN OF INDIA.COM)
In its 330th Meeting held on 01 September, 2020, Board approved the results for First Quarter (Q1) of FY 2020-21 State-owned Oil and Natural Gas Corporation (ONGC) on September 1 reported standalone profit at Rs 496 crore for the quarter ended June 2020, Standalone revenue from operations during the quarter stood at Rs 13,011.3 crore, The revenue and PAT for Q1(FY20-21) have been impacted by lower crude oil price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline.
Gas production has been affected due to less offtake by consumers in the wake of COVID-19.