ONGC Q1 net profit up 19 percent at Rs.4,782 crore

State-run explorer Oil and Natural Gas Corp (ONGC) Wednesday reported a 19 percent rise in net profit at Rs.4,782 crore for the quarter ended June.

The company had posted a net profit of Rs.4,016 crore in the same period a year ago.

ONGC net sales in the quarter in review increased 13.5 percent to Rs.21,813 crore as compared to Rs.19,218 crore in the quarter ended June 2013.

"Offshore revenue grew by 14.3 percent year-on-year to Rs 15,193.8 crore with 5.9 percent improvement in earnings before interest and tax (EBIT) while onshore revenue rose by 10.5 percent to Rs.6,723.6 crore year-on-year with 3.8 times jump in EBIT growth," ONGC said in a stock exchange filing.

The company reported a jump in tax expenses, lower other income and higher exploration cost written off that impacted on its profitability.

Exploration cost written off during the quarter was Rs.3,827.5 crore, up 144 percent from Rs.1,568.2 crore in corresponding quarter of last fiscal.

Depreciation and amortisation expenses were up by 10 percent to Rs.2,562.31 crore during the quarter.

Tax expenses for the quarter were Rs.2,570 crore, up 38.2 percent from Rs.1,860 crore in same quarter last year. Other income declined 25 percent on yearly basis to Rs 895.2 crore in the quarter gone by.

The gross realisation was at $109.48 per barrel as compared to $103.06 a barrel in the year-ago period.

ONGC notified five oil, gas discoveries in during the quarter.

The ONGC stock closed Wednesday at Rs.401.80. a share, down 0.91 percent over its previous close on Bombay Stock Exchange (BSE).