Oil and Natural Gas Corporation (NSE: ONGC) reported its second-quarter 2022 results after the closing bell today.
The company reported a growth of 565.3% in net profit to ₹18,347 crores for the quarter ended September, which was above the analyst’s expectation of ₹6,422 crores in the previous year’s quarter.
ONGC’s revenue from operations increased by 44% year on year to ₹24,353.6 crores lower than what analysts had predicted.
The company’s operating margin in the quarter sharply grew to 48.17% compared to 32.78% in the year-ago aided by an increase in global crude oil prices.