The counter rose to a high of Rs 162.25 as against the previous close of Rs 154.65 on the National Stock Exchange.
The net profit, which was the highest ever posted by an Indian company, skyrocketed 565 per cent year-on-year (YoY) in the July-September period from Rs 2,758 crore, an exchange filing.
With this robust result, broke the previous high quarterly net profit by a domestic firm – Rs 15,479 crore – posted by Reliance Industries in the April-June quarter.
Elevated oil prices and the decision to opt for a lower tax rate regime were key factors in boosting ONGC’s net profit in Q2.
The state-owned company’s revenue jumped 44 per cent in the said quarter to Rs 24,353 crore versus Rs 16,917 crore a year ago.
With effect from the current financial year, ONGC decided to choose a lower tax regime while re-measuring net-deferred tax liabilities.
The step lowered deferred tax by Rs 8,541 crore and the current tax by Rs 1,304 crore for the quarter under review.
