ONGC posts Rs60.78b earnings in Q1

Public sector oil and gas producer ONGC on Saturday reported a net profit growth of 48.4 per cent at Rs6,078 crore (Rs60.78 billion) for the quarter ending June 30, 2012. The net profit for the corresponding period of the previous fiscal stood at Rs4,095 crore. For the preceeding three months ending March 2012, the company recorded a net profit of Rs5,645 crore. The company declared a net profit of Rs25,123 crore for the year 2011-12. ONGC’s sales revenue in the first quarter of the current fiscal grew 23.9 per cent and stood at Rs20,149 crore, over the Rs16,268 crore earned in the corresponding quarter of 2011-12. The oil producing giant also announced that in terms of the government’s decision, the company shared under-recoveries of the oil marketing companies (OMC) for the quarter ending on June 30 by allowing discount in prices of crude oil, public distribution system (PDS) kerosene and domestic LPG. The impact of the gross discount of Rs12,346 crore on profit came to Rs7,149 crore for the quarter ending June 30, 2012. The impact of under-recoveries on profit was Rs6,878 crore for the corresponding period of fiscal 2011-12. The impact on profit for 2011-12 from under-recoveries discount of Rs.44,466 crore was Rs.25,535 crore. From gufltoday