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Top India Oil Producer’s Profit Soars as Energy Prices Jump

  • Net income more than tripled, revenue rose 84% in June quarter
  • Company earned $108.5 per barrel of oil sold in the quarter
Updated on

Oil & Natural Gas Corp.’s profit beat estimates to rise more than three times after oil prices surged in the wake of Russia’s invasion of Ukraine and an increase in local gas prices.

The top firm’s net income soared to 152.1 billion rupees ($1.9 billion) in the quarter ended June from 43.35 billion rupees in the same period a year ago, according to an exchange filing on Friday. That’s higher than the average 148.4 billion rupees estimated by a Bloomberg survey of analysts. Revenue rose 84% to 423.2 billion rupees.