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India's ONGC sees net profit for FY'20 Q1 slip 3.9% on year

India's Oil & Natural Gas Corp. Ltd. on Aug. 13 reported a net profit of 59.04 billion Indian rupees for the first quarter of fiscal year 2020, down 3.9% from the net profit of 61.44 billion rupees posted during the first quarter of fiscal year 2019.

The integrated oil and gas company's gross revenue for the quarter came in at 265.55 billion rupees, 2.4% lower than the 272.13 billion rupees posted a year ago.

Production of 5.9 million metric tons of oil in the first quarter was down 5.6% year on year, while total gas production increased 3.7% on the year to 6.42 bank cubic meters.

Oil & Natural Gas' nominated crude oil price came in at US$66.30 per barrel in the first quarter, compared to US$71.49 seen a year prior. The company's gas price on a gross calorific value came in at US$3.69/MMBtu, up 20.6% from the US$3.06/MMBtu noted a year earlier.

As of Aug. 12, US$1 was equivalent to 71.28 Indian rupees.