ONGC Q1 rises 12%, boosted by higher subsidy payments

State-owned Oil and Natural Gas Corporation (ONGC) has reported a rise of nearly 12% (YoY) in its first quarter of FY12 net profit. During the period, net profit of the company has risen to Rs 4,095 crore against Rs 3,661 crore in the corresponding quarter of last fiscal.

August 02, 2011 / 18:25 IST

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Moneycontrol Bureau

State-run ONGC has reported a sharp rise of 12% for its June quarter at Rs 4,095 crore Y-o-Y as higher subsidy payments offset gains from a rise in crude oil and gas prices. Sales also grew at same pace of 12% at Rs 16,208 Y-o-Y.

AK Hazarika, chairman and managing director, ONGC while attributing the quarterly performance to reduced subsidy burden said,

first published: Jul 28, 2011 07:12 pm

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