New Delhi: State run oil exploration major, ONGC today announced a jump of 60.4 per cent in net profit of quarter ending on September, 11 compared to quarter – 2 of previous financial year.
With the support of lower subsidy payments and gains from high crude oil and gas prices, ONGC’s net profit for its fiscal second quarter ended September rose to Rs 8,642 crore, compared to Rs 5,389 crore in the previous financial year.
The net sales rose to Rs Rs 22,620 crore from Rs 18,190 in the previous financial year.
ONGC also made three new discoveries during the second quarter and one more in October'11 totaling to nine discoveries (five were made in the quarter ending in June, 11) so far in this fiscal. All these discoveries have been notified to DGH.
ONGC is required to partially subsidise crude oil sales to state-run refiners, which in turn sell fuel products at state-set, below-market prices.
The company holds 30 per cent stake in the Cairn-operated oil and gas fields in western India, also gave its nod for London-based miner Vedanta Resources' deal to buy a majority stake in Cairn India, subject to royalty payments being shared between the two partners.
It is expecting to get about Rs 1,900 crore on account of royalty recovery from Cairn India's Rajasthan blocks.
"The total recovery will be about Rs 2,500 crores. After tax, it should be about Rs 1,900 crores," ONGC Chairman Sudhir Vasudeva told reporters, adding this would be accounted for in the December quarter.
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