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ONGC Videsh Ltd has reported a 57 per cent drop in its net profit for the fiscal 2014-15 at Rs 1,904 crore. The net profit in the previous fiscal was Rs 4,445 crore.
The unlisted overseas investment arm of ONGC also reported a 14.6 per cent drop in its gross revenue at Rs 18,491 crore from Rs 21,659 crore in the previous fiscal.
The company suffered from falling crude prices as well as a marginal increase in output. Its crude oil output grew 0.7 per cent in 2014-15 to 5.53 million tonne as against 5.49 million tonne in the previous fiscal.
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