ONGC Q2 net profit up 3 pct at Rs 6,063.86 cr

Written by PTI | New Delhi | Updated: Nov 13 2013, 23:52pm hrs
ONGC, India's largest oil and gasproducer, today reported a three per cent rise in secondquarter net profit even after paying record fuel subisdy.Net profit in the July-September quarter rose to Rs6,063.86 crore compared to Rs 5,896.57 crore in the sameperiod a year ago, the company said in a filing to the stockexchanges.

Oil and Natural Gas Corp (ONGC) paid Rs 13,796 crore tosubusidise diesel, cooking gas (LPG) and kerosene in thesecond quarter as opposed to Rs 12,330 crore payout in thesame period last fiscal.

Upstream oil producers like ONGC give discounts on crudeoil they sell to refiners to cover for a part of the lossesincurred on sale of diesel and cooking fuel rates lower thancost of production.

ONGC said its net profit would have been higher by Rs7,621 crore if it had not paid the fuel subsidy.

Turnover increased to Rs 22,414.67 crore in July-September from Rs 19,885.09 crore a year earlier.