Mumbai, Nov 14 (IANS): Diversified energy major ONGC on Friday reported a decline of 54.6 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.

According to the company, the standalone Q2FY21 net profit fell to Rs 2,878 crore against Rs 6,336 crore reported during the corresponding period of previous fiscal.

Similarly, gross revenues declined 30.9 per cent to Rs 16,917 crore against Rs 24,493 crore in FY20.

"The revenue and PAT for Q2 and H1 of FY21 have declined as compared to corresponding period of FY20 mainly due to lower crude oil price realisation," the company said in a statement.

"Lower gas prices also contributed to lower topline and bottom line."

According to the company, it has also recognised an 'exceptional' Item towards impairment loss of Rs 1,238 crore in Q2 FY21 to factor into estimated future crude oil and natural gas prices.

"This impairment loss may be reversed in future as and when there is increase in crude oil and gas price. However, PAT for Q2FY21 has increased by 480 per cent i.e. from Rs 496 crore in Q1 FY21 to Rs 2,878 crore in Q2 FY21 due to recovery of crude oil price," the statement said.

On a consolidated basis, the company reported a rise of 4.3 per cent in its Q2FY21 net profit t0 Rs 5,801 crore from Rs 5,560 crore on a YoY basis.

However, the consolidated net profit attributable to owners was down 19 per cent to Rs 4,335 crore from Rs 5,349 crore reported for the corresponding period of the previous year.

In addition, the consolidated gross revenues declined 17.7 per cent to Rs 83,619 crore against Rs 101,575 crore in FY20.