ONGC Q4 profit up 36% at Rs 59 bn on back of high oil prices, lower levies

The oil major's total expense for the quarter declined by 6% to Rs 19.46 billion

The Oil and Natural Gas Corp has reported a 36 per cent jump in profit in the fourth quarter because of higher crude prices and lower statutory levies.

According to a company release, profit rose to Rs 59.15 billion in the three months to March, while revenue from operations grew by ten per cent to Rs 23.97 billion.

The ONGC statement said that its revenues and profits had received a substantial boost due to global oil prices rising by about 60 per cent in the last year, and acknowledged that this rise in oil prices have contributed to higher petrol and diesel prices in the country.

The statement further said that the oil major's total expense for the quarter declined by six per cent to Rs 19.46 billion, and added that a quarter drop in 'statutory levies' to Rs 57.64 billion was primarily responsible for this.