ONGC net up, in 2 new oil finds

India's largest oil and gas exploration company ONGC on Thursday announced two new onland oil and gas discoveries, even as it recorded a 11.9% year-on-year jump in net profit during the quarter ended June. HT reports.

India's largest oil and gas exploration company Oil and Natural Gas Corporation (ONGC) on Thursday announced two new onland oil and gas discoveries, even as it recorded a 11.9% year-on-year jump in net profit at Rs 4,095 crores during the quarter ended June against Rs 3,661 crore last year.

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Net sales jumped nearly 19% during the quarter to Rs 16,268 crore against Rs 13,710 crore in same period of the previous fiscal.

ONGC’s profit during the quarter was capped as it shared Rs 12,046 crore of the subsidy burden of state-owned oil marketing firms arising from the sale of diesel, cooking gas and kerosene below market price during the April-June period.

The company’s net realisation on crude oil sales following the subsidy sharing stood at only $48.8 a barrel

“We expect realisations to improve in coming quarters as its subsidy burden will come down after an increase in diesel prices in June,” AK Hazarika, chairman and MD, ONGC.