 "ONGC hits 22-months low on lower-than-expected Q1 profit")
Shares of Oil and Natural Gas Corporation (ONGC) have dipped by 3% at Rs 262, their lowest level since October 2013 on the BSE, after the company reported net profit of Rs 5,460 crore for the quarter ended June 30, 2015 (Q1) against an average analyst estimates of Rs 6,029 crore.
However, net profit was 14% higher compared to Rs 4,782 crore in the same quarter of previous year, on improved realisations and lower subsidy sharing burden.
The company's total income dipped by a marginal 0.5% to Rs 22,631 crore in the June quarter from Rs 22,746 crore in the same quarter last fiscal. Analysts on an average had expected revenues of Rs 23,669 crore for the quarter.
The company’s crude oil production rose by a mere 1.3% to 6.136 million tonnes while natural gas production declined 3.6% to 5.818 billion cubic meter(BCM), ONGC said in a press release.
At 10:40 AM, the stock was down 2.9% at Rs 263 on the BSE. A combined 1.73 million shares changed hands on the counter on the BSE and NSE.
However, net profit was 14% higher compared to Rs 4,782 crore in the same quarter of previous year, on improved realisations and lower subsidy sharing burden.
The company's total income dipped by a marginal 0.5% to Rs 22,631 crore in the June quarter from Rs 22,746 crore in the same quarter last fiscal. Analysts on an average had expected revenues of Rs 23,669 crore for the quarter.
The company’s crude oil production rose by a mere 1.3% to 6.136 million tonnes while natural gas production declined 3.6% to 5.818 billion cubic meter(BCM), ONGC said in a press release.
At 10:40 AM, the stock was down 2.9% at Rs 263 on the BSE. A combined 1.73 million shares changed hands on the counter on the BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%