ONGC Net Profit Climbs 8% In Q1

New Delhi, July 28 | Updated: Jul 29 2004, 05:59am hrs
Oil and Natural Gas Corporation (ONGC) has registered an eight per cent jump in net profit in the first quarter of the current fiscal. Net profit during the period April-June 2004 has increased to Rs 2,308 crore from Rs 2,135 crore in the corresponding period last year.

The net profit figure of Rs 2,308 crore is after taking into account the direction of the government to pay Rs 815 crore to the oil marketing companies (OMCs) as subsidy for the first quarter of the current financial year.

But for this the net profit would have increased by 31 per cent, said a ONGC release.

The un-audited first quarter results were taken on record by ONGCs board on Wednesday. The companys release said the sales revenue of ONGC, during the quarter, increased to 31 per cent to Rs 10,387 crore as against Rs 7,928 crore in the same period last fiscal.

Last year, the government had directed ONGC and Gail to bear a third of the losses incurred by the oil marketing companies on LPG and kerosene sale during the entire year. ONGC had contributed Rs 2,690 crore in 2003-04 while Gail had chipped in Rs 427 crore.