There has been a major leap on the benefits of Oil and Natural Gas Corporation Limited (ONGC). ONGC quarterly profits increased 565 percent to Rs 18,347 crore in the September 2021. Quarter estimates the company’s profits at Rs 6,422 crore. The company sent a profit of Rs 2,758 crore immediately last year.

5.50 Rs per share
The reason for the biggest jump in the company’s profits in July-September 2021 is the normal tax return of Rs 7,195.4 crore a quarter. ONGC revenues from employment increased 44 per cent to Rs 24,353.6 crore per annum. However, it is just below the market expectations. The company’s board announced that one-third of Rs 5.50 per share.

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The company has stated that during the draft, it has decided to reduce the tax rate from FY21 onwards. ONGC shares closed at Rs 154.65, up 0.75 percent on Friday. The company’s employment limit rose to 48.17 per cent in the quarter, up from 32.78 per cent last year.

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