Low oil prices pull ONGC net down by 40% | business | Hindustan Times
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Low oil prices pull ONGC net down by 40%

Lower crude oil prices coupled with high costs and write-offs saw Oil and Natural Gas Corp (ONGC) post a 40% year-on-year slump in net profit to R3,387 crore for the fourth quarter ended March 31, 2013, much below market expectations.

business Updated: May 29, 2013 21:27 IST
HT Correspondent

Lower crude oil prices coupled with high costs and write-offs saw Oil and Natural Gas Corp (ONGC) post a 40% year-on-year slump in net profit to R3,387 crore for the fourth quarter ended March 31, 2013, much below market expectations.

Analysts had expected ONGC to post a net profit of around Rs 4,700 crore during the quarter.

Sales, however, rose 13.1% to Rs 21,460 crore during the period.

The company’s annual net profit fell by 16.7% to Rs 20,926 crore in 2012-13 against Rs 25,123 crore in the previous fiscal year. Turnover rose 8.4% to Rs 82,552 crore during the fiscal.

Oil output fell to 5.62 million tonnes in the fourth quarter from 5.78 million tonnes a year ago while natural gas production declined to 5.58 billion cubic metres (bcm) from 6.03 bcm.

ONGC had to shell out Rs 12,312 crore during the quarter as subsidy outgo, said Sudhir Vasudeva, chairman and managing director, ONGC.