ONGC Shines Despite Royalty Payments to Gujarat Assam

NEW DELHI: Oil and Natural Gas Corp. (ONGC) on Friday reported a 6.2 per cent drop in March quarter net profit after it cleared royalty dues to Gujarat and Assam and provisioned for employee pay revision. 

 

The company’s standalone profit for the March quarter was at Rs 4,340 crore, 6% lower compared to Rs 4624.3 crore reported in the same period a year back. In the same quarter, the company’s total income rose 29% to Rs 26233.56 crore from Rs 20297.83 crore in the corresponding quarter a year back. Total expenses, however, rose at a higher rate of 48% to Rs. 20696.46 crore from Rs 14022.15 crore a year back.