ONGC Q1 Net Profit rises 14 Percent to Rs.5,460 crore

New Delhi, Aug 13: State-run explorer Oil and Natural Gas Corp (ONGC) on Thursday posted a 14.2 percent growth in net profit for the first quarter ended June at Rs.5,460 crore.

The company had recorded a profit of Rs.4,782 crore in the corresponding period a year ago, at a time when crude oil market prices were at a much higher level.

Net profit in the preceding quarter came in at Rs.3,935 crore, the company said in a filing to the stock exchange.

Revenue for the quarter in consideration was at Rs.22,825 crore, a growth of 4.5 percent over the year-ago period at Rs.21,851 crore and 5.4 percent over March quarter at Rs.21,647 crore.

ONGC said that the impact on its profits in the quarter in question, of the under-recovery, or loss, on account of selling “crude oil, public distribution system (PDS) kerosene and domestic LPG” below cost, has been to the tune of Rs.628 crore.

The ONGC stock closed on Thursday at Rs.269.80 a share, 0.70 points, or 0.26 percent higher than its previous close on the Bombay Stock Exchange. (IANS)