Driven by higher net realisations and a sharp depreciation in currency, ONGC on Thursday reported a 65% year-on-year (y-o-y) rise in profit to Rs 8,262.70 crore. The stock, which closed Thursday\u2019s session down 1.12% at `132.10, is among the biggest underperformers. Since 2018, it has given up over Rs 80,000 crore in market capitalisation. In March 2018, the national explorer paid around Rs 37,000 crore to acquire a government stake in HPCL. ONGC\u2019s realisation from crude oil from its nominated fields increased 13.6% per barrel in dollar terms and 26.5% in rupee terms during the December 2018 quarter compared with the year-ago period. The company has, in the last two quarters, gained because of higher crude oil prices. While oil price crossed $85 per barrel in early October, it saw a sharp correction for a few days, but has remained above $60 during most of the period. The y-o-y jump in profit was also boosted by higher revenue from offshore operations which was up 19.1%. Revenue from operations was up 20% to Rs 27,694.09 crore during the December 2018 quarter against Rs 22,995.88 crore during the year-ago period. The company\u2019s written-off cost for exploratory increased by 79% y-o-y and 120% sequentially to Rs 2,388.42 crore during the quarter. The national explorer is under stress to increase its activities in order to increase production as NITI Aayog has recommended 118 small fields, which contributes 6% to the countries total production, with ONGC and Oil India from the nomination era be taken away and auctioned off. For the other 66 producing fields, it has been asked to increase production and show results within three months. The firm plans to complete its buyback plan within February. In December, the board had approved a proposal for buyback of 25,29,55,974 equity shares of the company at the price of `159 apiece for an aggregate consideration not exceeding `4,022 crore. The board has also declared an interim dividend of `5.25 per share.