ONGC Q3 profits drop 17 percent

Last Updated: Mon, Feb 11, 2013 15:10 hrs

Mumbai, Feb 11 (IANS) State-owned Oil and Natural Gas Corporation (ONGC) Monday reported a 17 percent fall in net profit at Rs.5,563 crore for the third quarter ended December 2012, as compared to Rs.6,741 crore for the same quarter of the last fiscal.

Total income, however, increased 15 percent to Rs.22,374 crore as compared to Rs.19,475 crore in the quarter ended December 2011.

Analysts on average were expecting a net profit of Rs.5,340 crore for the quarter on net sales of Rs.19,355 crore.

Company net sales grew by 15.8 percent to Rs.20,987 crore from Rs.18,123 crore during the same period.

ONGC's subsidy burden stood at Rs.12,433 crore, compared to Rs.12,536 crore in the year ago period.

State-run upstream companies - ONGC, OIL and GAIL - sell crude oil and petroleum and gas-based products at a discount

Gross realisation declined at $110.16 a barrel in the quarter as against $111.48 a barrel in the same quarter of the previous fiscal. Net realisation increased at $47.97 a barrel in the third quarter of this fiscal as against $44.71 a barrel in the corresponding quarter of the last fiscal.

ONGC shares declined 1.61 percent on Monday, ahead of the results, to close at Rs.308.40 on the Bombay Stock Exchange.

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