ONGC, HPCL, Gail & HDIL Q3 results

Oil and Natural Gas Corporation, India’s largest oil producer, has reported an over 43 per cent dip in its net profit for the October-December quarter on account of lower crude oil prices and higher subsidy burden, the company said in a release.

The lower-than-expected net profit of Rs 2,475 crore is due to a subsidy burden of Rs 4,899 crore. Revenue from sales for the quarter stood at Rs 12,521 crore, down 18 per cent from the corresponding period last year.

HPCL net loss at Rs 422 crore

Mumbai: Hindustan Petroleum Corporation (HPCL) posted a net loss of Rs 422 crore during the quarter ended December 2008 as against Rs 15 crore in the corresponding quarter the previous year. The company’s net sales increased 8 per cent to Rs 29,386 crore, compared to Rs 27,117 crore in the same quarter a year ago.

Gail net dips 59%

New Delhi: Gail India, the country’s largest marketer of natural gas, has posted a 59 per cent dip in its net profit for the October-December quarter due to an increased subsidy burden, the company said in a release. Net profit for the quarter was Rs 253.36 crore while net sales rose about 35 per cent to Rs 5,811.65 crore.

HDIL net profit drops 32%

Mumbai: Housing Development & Infrastructure (HDIL) recorded a 32 per cent drop in net profit for the quarter ended December 2008 to Rs 184.8 crore, against Rs 270.2 crore in the year-ago quarter. Total revenues of the infrastructure company fell from Rs 515.2 crore to Rs 334.7 crore for the quarter ended December 2008.