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 Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..