MUMBAI, Feb 11 (Reuters) - Indian state-run producer Oil &
Natural Gas Corp reported a 17 percent fall in
quarterly profit, but beat expectations, helped by higher sales
and nearly flat subsidy provision.
The company reported a net profit of 55.63 billion rupees
($1.04 billion) for its fiscal third quarter ended December,
down from 67.4 billion rupees a year earlier, which had included
a one-time gain on account of royalty dues from a joint venture
Analysts on average had expected the company to post a net
profit of 53.7 billion rupees for the quarter, according to
Thomson Reuters Starmine data.
Net sales rose 16 percent to 209.87 billion rupees.
Shares of ONGC, India's third-biggest company by market
value, closed 1.7 percent lower on Monday, ahead of the results.
The stock has jumped 15 percent so far in 2013, outperforming a
6 percent rise in the sectoral index.
($1 = 53.55 rupees)
(Reporting by Prashant Mehra; Editing by Anand Basu)