ONGC Q2 net jumps 60 pct, beats forecast

Nov 04, 2011 |

Reuters

mumbai

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State-run explorer Oil & Natural Gas Corp beat street estimates with a 60 per cent jump in quarterly profit bolstered by lower subsidy payments and gains from high crude oil and gas prices.

ONGC said net profit for its fiscal second quarter ended September rose to 86.42 billion rupees ($1.76 billion), compared with 53.89 billion rupees a year earlier.

A Reuters poll of 11 brokerages had on average expected net profit of 65.1 billion rupees for the quarter.
Net sales rose to 226.2 billion rupees from 181.9 billion a year earlier.

ONGC is required to partially subsidise crude oil sales to state-run refiners, which in turn sell fuel products at state-set, below-market prices.

Shares in ONGC, valued at $48.4 billion, closed 0.4 per cent lower at 276.80 rupees ahead of the announcement. The stock has declined 14 per cent so far in 2011, matching a similar fall in the main stock index.

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