New Delhi
State-owned ONGC on Thursday reported its highest quarterly net profit in over four-and-a-half-years on sharp rise in prices for oil and gas it produced. Its net profit of Rs 6,143.88 crore in the first quarter of the 2018-19 fiscal was 58.1% higher than Rs 3,884.73 crore in the year-ago period, Oil and Natural Gas Corporation said. The net profit is highest since December 2013 when earnings had hit Rs 7,126 crore. ONGC realised $71.48 for every barrel of crude oil it produced in the April-June quarter of the current fiscal, up 47.6% over $48.42 a barrel in the year-ago period. Its revenue from operations rose 42.7% to Rs 27,212.83 crore for the quarter under review.