State-controlled Oil and Natural Gas Corporation (ONGC) reported strong sequential growth in second quarter (July-September) numbers with the net profit growing 51 percent to Rs 6,064 crore.
Net sales, which was announced after market hours, rose 16 percent quarter-on-quarter to Rs 22,312 crore and earnings before interest, tax, depreciation and amortisation grew 17 percent Q-o-Q to Rs 9,930 crore in three-month period ended September 2013.
ONGC shared under-recoveries of pubilc sector oil marketing companies by subsidising crude oil, domestic LPG and PDS kerosene worth Rs 13,796 crore for the September quarter as against Rs 12,330 crore in a year ago period.
ONGC's profit would have increased by Rs 7,621 crore during the quarter if it had not paid subsidy to oil marketing companies.
Other income of the company jumped 24 percent on a sequential basis to Rs 1,483 crore while tax expenses surged 71 percent to Rs 3,025 crore during the same period.
The stock closed at Rs 268.40, up 0.96 percent over previous close on the BSE.
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