ONGC Q1 net up 8 Per cent

New Delhi: ONGC has registered an eight per cent rise in net profit at Rs 2,308.2 crore for the first quarter ended June 30, compared to Rs 2,134.54 crore recorded during the corresponding previous period.

Turnover improved 31 per cent to Rs 10,387 crore (Rs 7,928 crore), the company said in a release.

In calculating the net profit for the quarter, ONGC has taken into account the direction of the Government to pay Rs 815 crore to the oil marketing companies as subsidy. "But for this, the net profit would have increased by 31 per cent," the release said.

The company produced 6.644 million metric tonnes (MMT) crude, 102 per cent of the target of 6.509 MMT and six per cent over the actual production of 6.247 MMT in the same period last fiscal.

Significant increase in the production was obtained from Mumbai High field.

Crude production went up 17 per cent to 3.115 MMT (2.656 MMT), while gas production was up seven per cent.

Production of value-added products like LPG, naphtha, kerosene, petrochemical feedstock, etc., touched 872.77 TMT, up 16 per cent over the target of 753.10 TMT, the release said.