Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23).
ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off.
Standalone net sales in Q3FY23 stood at Rs 5,900 crore — up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ). The earnings before interest, tax, depreciation, and amortisation stood at Rs 2,900 crore — up over 100 per cent YoY, and 54 per cent QoQ — owing to lower-than-expected statutory levies and other expenses.
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