Mint Explainer: How did ONGC double its consolidated net profit in Q1?

State-run ONGC reported a 102.6% rise in its consolidated net profit for the first quarter of FY24 at ₹17,383 crore, despite gross revenue falling 10.4% to ₹1.63 lakh crore. Total crude oil production declined 3.3% on-year to 5.311 million metric tonnes during the June quarter. Oil India Ltd reported a 3.7% rise in net profit for the April-June quarter to ₹1,613.43 crore, from ₹1,555.49 crore in the same period last year. The company attributed this to a 5.3% increase in its crude oil production to 0.820 MMT in Q1 FY24 from 0.729 MMT in the same period last year, coupled with lower operating costs.