India's ONGC reports 30% drop in profit in July-September

Indian state-owned energy company ONGC on November 14 reported a 30% year/year drop in net profit during the July-September quarter (Q2) owing to windfall tax levied by the government.

ONGC's net profit came at 128.26bn rupees ($1.58bn) in Q3 compared with 183.48bn in the same period last year. The company’s revenue was up over 57% yr/yr to 383.21bn rupees during the quarter.

The company said it has declared a total of six discoveries, four onshore and two offshore, during the current financial year that ends on March 31, 2023.

ONGC in September signed a memorandum of understanding with Chevron New Ventures, a subsidiary of US major Chevron, to assess exploration potential in India. The company in August signed a heads of agreement with ExxonMobil for deepwater exploration off the east and west coasts of India.