State-run explorer Oil and Natural Gas Corp. (ONGC) on Friday reported a 6.1 per cent fall in net profit for the fourth quarter ended March at Rs 4,340 crore, as compared to the PAT of Rs 4,624.30 crore for the same period of 2016. ONGC’s total income for the quarter in consideration, however, increased an impressive 29.24 per cent at Rs 26,233.56 crore on account of better revenue from operations, as compared to Rs 20,297.33 crore earned in the corresponding quarter of 2015-16.
The company’s total expenditure during the January-March quarter at Rs 20,696.46 crore also shot up 47.59 per cent, as compared to the expenses of Rs 14,022.15 crore in the fourth quarter of 2015-16.
For the entire fiscal 2016-17, however, the explorer’s net profit at Rs 17,899.97 registered an increase over the profit of Rs 16,139 crore during the previous financial year.
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ONGC said that during the last fiscal, the Union government has settled the issue of the company’s royalty dues with the governments of Gujarat and Assam, on the basis of which the Supreme Court has disposed of the special leave petition in the matter.
“Accordingly, the Company has charged differntial loyalty amounting to Rs 2,444 crore paid to the state governments,” ONGC said in a stock exchange filing.
ONGC has also approved the acquisition of entire 80 per cent stake participating interest of Gujarat State Petroleum Corp (GSPC) along with operatorship in the Deen Dayal West field, where geological challenges have delayed commercial production for many years, for a consideration of Rs 6,454 crore, the company said.
The ONGC stock closed on Friday at Rs 175.80 a share, up 0.95 per cent, or by Rs 1.65, over its previous close on the BSE.