ONGC net profit slumps 30% as govt strips away gains

16 Nov 2022 CW Team

State-owned explorer Oil and Natural Gas Corporation (ONGC) reported a 30% fall in net profit for the September quarter after the government levied windfall tax to take away gains arising from a spurt in international oil and gas prices. Its net profit stood at Rs 128.26 billion, or Rs 10.20 a share, in July-September 2022-23 as compared with Rs 183.48 billion, or Rs 14.58 per share, in the same period a year back, the company said in a statement. Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 152.06 billion net profit. The company's gross billing for crude oil it produced soared 37.7 per cent to $95.49 per barrel in the quarter from $69.36 a barrel last year.

ONGC sells crude oil at international benchmark rates, which soared following Russian invasion of Ukraine. However, the government brought a new tax from July 1 to take away gains accruing from the global energy price surge.

The tax, which is moderated every 15 days in step with changes in global oil prices, was as high as $40 per barrel when it was introduced.

The company also realised a higher price for natural gas at $6.10 per million British thermal unit gas in July-September as compared to $1.79 a year back.

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..

Dhoot Partners RideVision For ADAS Solutions

Dhoot Transmission has partnered with Israel-based RideVision to introduce Advanced Driver Assistance Systems (ADAS) solutions in India, marking its entry into intelligent mobility and automotive safety technologies.The collaboration will bring globally proven ADAS technologies to India, customised for local road conditions and mobility needs. It will strengthen Dhoot Transmission’s existing electronics portfolio and support its long-term focus on next-generation automotive electronics.Naveen Kumar, CEO – India, Wiring Harness and Electronics, Dhoot Transmission, said the partnership combi..

Dash Square Adds Ashley Study Furniture

Dash Square has expanded its furniture portfolio with a curated study furniture collection from Ashley Furniture Homestore. The range is designed for contemporary homes where work, study and creative activities increasingly require dedicated and well-planned spaces.The collection includes writing desks, executive workstations, storage-led study units and display shelving. It combines practicality, comfort and design to create workspaces that are functional as well as visually appealing.One setting features a light-toned desk with coordinated bookcases and storage cabinets, creating a bright an..