Mumbai. State-owned oil company Oil and Natural Gas Corporation (ONGC) has performed well in the fourth quarter (January-March) of the financial year 2021-22. The company's net profit grew 31.5% in the quarter. ONGC said in the information given to the regulator that the company's profit increased by Rs 8,859.54 crore in the March quarter. The company's profit in the same quarter last year was Rs 6,733.97 crore.

Russia and Ukraine war helped in earnings

ONGC has benefited from the increase in crude and gas prices in the international market at the end of 2021 and especially after the start of the war between Russia and Ukraine in February. ONGC also produces crude, so it has benefited tremendously from rising prices.

Earnings also increased by 63%

In the March quarter, the company's income from business increased to Rs 34,497.24 crore. The company's income was Rs 21,188.91 crore in the same quarter a year ago. That is, it has increased by 63%.

Annual profit also increased four times

ONGC has reported a record net profit for the financial year 2021-22. During this period, the company's net profit increased to Rs 40,305.74 crore from Rs 11,246.44 crore a year ago i.e. in 2020-21.