ONGC Q1 net rises 44 pct at Rs 66.4 bn

Reuters
Posted: Monday, Jul 28, 2008 at 1640 hrs IST
Updated: Monday, Jul 28, 2008 at 1640 hrs IST

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Bangalore, July 28: : India's largest oil producer, Oil and Natural Gas Corp, reported a 44 percent rise in quarterly profit, beating forecasts, as the state-run firm's heavy discount to state refiners was offset by higher crude output.

ONGC, which produces 80 percent of India's crude, has to sell oil from its domestic output at huge discount to state-run refiners to keep retail prices low.

ONGC, India's second-most valuable listed company with a market worth of about $50 billion, said on Monday net profit rose to 66.4 billion rupees ($1.6 billion) for the fiscal first quarter ended June from 46.1 billion rupees a year earlier.

Analysts polled by Reuters had forecast net profit to rise 13 percent to 51.9 billion rupees.

Ahead of the announcement, shares in ONGC ended up 3 percent at 1,012.50 rupees in a Mumbai market that rose 0.52 percent.

The stock had shed 17 percent in the June quarter compared to a 10 percent drop in the sector index and 14 percent fall in the broader market index.

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