New Delhi: State-owned Oil and Natural Gas Corp (ONGC) today reported a 12 percent rise in its March quarter net profit after the government exempted it from payment of fuel subsidy.
Net profit of Rs 4,416 crore in January-March was 12.2 percent higher than Rs 3,935 crore net profit in the same period a year ago, ONGC said in a statement here.
Profit rose despite crude oil production falling by 1.7 percent to 6.34 million tons. Gas output also dropped by nearly 10 per cent to 5.24 billion cubic meters.
ONGC was exempted by the government from payment of any fuel subsidy last year, leading to the profit boost.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: May 26, 2016 17:21:19 IST