The sharp jump in the bottom line of the company was thanks to a net tax writeback of Rs 7,195.4 crore in the quarter.
The oil producer’s revenue from operations jumped 44 per cent year-on-year to Rs 24,353.6 crore in the reported quarter, which was slightly below Street’s expectations.
The sharp decline in tax expenses for the company came as a result of a switch to the new corporate tax rate of 22 per cent from 2020-21, which has resulted in a decrease in deferred tax by Rs 8,541 crore and a reduction in current tax by Rs 1,304 crore, the company said.
ONGC’s operating margin in the quarter sharply expanded to 48.17 per cent from 32.78 per cent in the year-ago aided by an increase in global crude oil prices.
Shares of
ended 0.9 per cent higher at Rs. 154.8 on the National Stock Exchange.
