ONGC reported a net profit of ₹40,305 crore in the fiscal year that ended March 31, becoming India's second most profitable company after Reliance Industries. ONGC's net profit for FY22 surged 258% from ₹11,246.44 crore in FY21. The company replaced Tata Steel from the number two spot, which had reported a standalone net profit of ₹33,011.18 crore for FY22.