ONGC Q4 net profit falls 6%, shares up 1%

Total income of Rs 26,234 crore was up almost 30% on higher crude oil prices.

Oil and Natural Gas Corporation Ltd, India’s biggest hydrocarbon explorer, reported a 6% fall in fourth-quarter net profit to Rs 4,340 crore ($673 million) hurt by a one-time provision.

The logo of Oil and Natural Gas Corp’s is pictured along a roadside. (Reuters photo)

Analysts on average had expected a profit of Rs 4,991 crore.

Total income of Rs 26,234 crore was up almost 30% on higher crude oil prices.

ONGC shares were up 0.95% at Rs 175.80 in a firm Mumbai market whose benchmark Sensex was up 0.9% to hit a record 31,028.21.

(With inputs from Reuters)