ONGC Q4 results: Reports standalone net loss of Rs 3,098 crore on impairment loss


New Delhi: Oil & Natural Gas Corporation (ONGC) on Tuesday posted a standalone net loss of Rs 3,098.26 crore for the quarter ended March 31 due to exceptional item towards impairment loss of Rs 4,899 crore.

It had posted a net profit of Rs 4,239.50 crore in the corresponding quarter last year.

Revenue from operations declined 19.81 per cent year-on-year (YoY) to Rs 21,456.20 crore during the quarter under review against Rs 26,758.46 crore in the same period last year.

“The company has recognised an exceptional item towards impairment loss of Rs 4,899 crore in Q4 FY20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY20 and FY20 as compared to last year,” ONGC said in a release.

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