The Oil and Natural Gas Corp has reported a 36 percent jump in profit in the fourth quarter because of higher crude prices and lower statutory levies.
According to a compnay release, profit rose to Rs.5915 crore in the three months to March, while revenue from operations grew by ten percent to Rs.23,969 crore.
The ONGC statement said that its revenues and profts had received a substantial boost due to global oil prices rising by about 60 percent 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 percent to Rs.19,463 crores, and added that a quarter drop in 'statutory levies' to Rs.5764 crore was primarily responsible for this.
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