ONGC Q2 net profit down 32%, biggest in 4 years

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SummaryCompany had warned that its cash reserves will erode by almost two-third.

fell by 12.5 per cent to Rs 19,853 crore. Crude oil production fell 4.6 per cent to 6.527 million tons while gas ouput was down by a marginal 0.5 per cent to 6.359 billion cubic metres.

Vasudeva said ONGC's crude oil production is likely to rise to 29.1 million tonnes next fiscal from current year target of 27.002 million tonnes. Similarly, gas output is to rise to 26.45 million tonnes in 2013-14 from 25.73 million tonnes in current year.

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