ONGC Q1 net dips 27% at Rs 4,848 cr

Oil & Natural Gas Corporation (ONGc), the country's largest public sector undertaking, has posted a decline of 26.95 per cent in its net profit for the quarter ended 30 June, 2009  at Rs 4,847.92 crore as compared to Rs 6,636.33 crore in the corresponding quarter last year. The company's net sales from operations during the quarter, too, dipped to Rs 14,879.27 crore from Rs 20,052 crore, down 25.8 per cent.

The company witnessed dip in revenues in both of its offshore as well as onshore segments. The revenue generation from its offshore segement plunged by 22.2 per cent to Rs 11,331 crore from Rs 14,564.41 crore. Similarly, revenues from the onshore business got a hit of 32.8 per cent at Rs 3,847.45 crore as against Rs 5,724.73 crore.

Though the proft from the onshore segment almost doubled to Rs 1,456.04 crore from Rs 738.29 crore, the profits from the offshore segment dipped to Rs 5,344.59 crore from Rs 8,515.62 crore, down 37.24 per cent. On the Bombay Stock Exchange, the company's shares closed almost flat at Rs 1,092.85 today.