ONGC profits double in latest quarter
State-run company ONGC made a lot more money because the selling price of crude oil went up.
What happened
ONGC, a big government-owned oil company, has shared very good financial news. Their net profit more than doubled in the quarter that ended in June. This means the company kept much more money as profit compared to the same time last year.
Why profits went up
The main reason for this big jump in money is the price of crude oil. Crude oil is the raw oil pumped from the ground before it is turned into petrol or diesel. When the net price realization for crude oil went up, ONGC made much more money on every barrel they sold.
Key facts
- ONGC net profit more than doubled in the June quarter.
- Revenues went up by 45.2 percent compared to last year.
- Higher crude oil prices helped drive the profit growth.
- ONGC is a major energy company in India.
What happens next
Oil companies like ONGC depend a lot on global oil prices. If oil prices stay high, the company might continue to make strong profits. However, oil prices change all the time based on world events and demand.