New Delhi, Aug 5 (PTI) State-owned Oil and Natural Gas Corporation (ONGC) on Monday reported a 15 per cent drop in its June quarter net profit on higher exploration cost write-off.

Its net profit of Rs 8,938.10 crore in April-June - the first quarter of the current 2024-25 fiscal year - compared to Rs 10,526.78 crore earnings in the same period of last year, according to a stock exchange filing by the company.

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The profit was also lower sequentially compared to Rs 9,869.37 crore in the January-March quarter.

India's largest crude oil and natural gas producer wrote off Rs 1,669.73 crore cost incurred in the unsuccessful survey and drilling of wells to find oil and gas. This compared to Rs 1,015.81 crore in April-June 2023.

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Its revenue from operations rose to Rs 35,266.38 crore in the first quarter from Rs 33,814.33 crore a year back.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)