State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a 71 per cent increase in its net profit for the fourth quarter ended March 31 at Rs 3,776 crore, as against Rs 2,207 crore in the same period last year.
“Better price realisations on crude oil sold by the company during the quarter helped us clock better profits,” said R S Sharma, chairman and managing director, ONGC.
ONGC’s net profit for 2009-10 grew only by 4 per cent to Rs 16,768 crore, as against Rs 16,126 crore in the year before.
Net sales in the fourth quarter of 2009-10 was up 7 per cent at Rs 14,792 crore from Rs 13,801 crore in the same period last fiscal. Annual net sales for 2009-10 dropped 6 per cent to Rs 60,205 crore from Rs 63,929 crore a year before.