ONGC net profit zooms 60% in Q2 | business | Hindustan Times
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ONGC net profit zooms 60% in Q2

business Updated: Nov 04, 2011 21:38 IST

State-run Oil and Natural Gas Corporation (ONGC) on Friday reported an increase of 60% year-on-year in net profit at Rs 8,642 crore for the quarter ended September as against Rs 5,389 crore during the same period of the previous financial year.

The total income stood at Rs 24,058 crore, up 24.4% during the quarter under review, against Rs 19,336 crore during the same period of the previous fiscal, the company said in a regulatory filing.

The company expects to get about Rs 1,900 crore ($386 million) on account of royalty recovery from Cairn India's Rajasthan blocks, ONGC chairman Sudhir Vasudeva said on Friday. "The total recovery will be about Rs 2,500 crore. After tax, it should be about Rs 1,900 crore," he said, adding this would be accounted for in the December quarter.