Oil and Natural Gas Corporation (ONGC) Limited has reported a ₹ 6,263.13 crore standalone net profit for the second quarter of financial year 2019-2020. This is 24.22 per cent lower than the ₹ 8,264.61 crore profit reported by the company in the same quarter of the preceding financial year.

Standalone total income too reported a decline during the quarter under review. It stood at ₹ 27,177.95 crore, 10.55 per cent down from the ₹ 30,383.4 crore standalone total income reported by the company in the quarter ending September 30, 2018.

The fall in total income and net profit can be attributed to a fall in crude oil prices. Per barrel realisation from nominated fields fell 17.4 per cent from $ 73.07 a barrel in the same quarter of last year to $ 60.33 a barrel in the quarter under review. Realisation from joint venture fields fell to $ 60.99 a barrel during the second quarter of the current fiscal from $ 70.21 a barrel in the comparable quarter of financial year 2018-2019. During the period under review, the company produced 5.842 million tonne of crude oil and 6.265 billion cubic meters of natural gas.

On a consolidated basis, total income for the second quarter of the current financial year stood at ₹ 1,03,236.60 crore, down from ₹ 1,15,295.75 crore. Consolidated profit for the period also fell to ₹ 5,486.55 crore, down from ₹ 8,730.83 crore.

The consolidated numbers also include the results of Hindustan Petroleum Corporation Limited (HPCL). HPCL had reported a ₹ 1,052.31 crore profit for the second quarter of financial year 2019-2020. This was marginally lower than the ₹ 1.091.98 crore reported by the company in the corresponding period of the previous financial year. Total income during the period under review fell to ₹ 66,850.89 crore from ₹ 73,789.50 crore in the same quarter of financial year 2018-2019.