Subsidy Not A Problem for ONGC Anymore

Subsidy Not A Problem for ONGC AnymoreAccording to a recent report, there has been a rise in the profit earned by Oil and Natural Gas Corporation. There has been a recorded rise of as much as 12%. It has been revealed that the firm has earned marginally well in the first quarter of the year. There has also been a rise in the net profits earned by the firm. They have been able to secure as much as Rs. 4,095 crore as compared with Rs 3611 crore it had been in the last year at the same time.

There has been a rise in the net sales of the firm. It is a pleasant sight for the firm, where they are exceeding their projected profit limits. It was revealed by the Chairman and Managing Director, Mr. A. K Hazarika, “ONGC has exceeded MoU targets resulting in increase in net profit inspite of higher subsidy payments”.

He further said that the firm’s gross realization of crude sales was $121.29 per barrel, during the first quarter in the year, but since the time they started giving discounts, the net realization was a mere $48.76 per barrel. The firm is earning under the current success phase it is undergoing and is sure to keep up the strategies so that they can grow in the future as well.