MUMBAI (Reuters) - Oil & Natural Gas Corp posted a 40 percent slump in quarterly profit, lagging expectations, as lower average crude prices during the period and higher costs and write-offs hurt margins.
The state-run company reported a net profit of 33.89 billion rupees for its fourth quarter ended March, down from 56.44 billion rupees a year earlier.
Analysts on average, had expected the company to post a net profit of 47.08 billion rupees for the quarter, according to Thomson Reuters Starmine data. Net sales rose 14 percent to 213.89 billion rupees.
Shares of ONGC, India's second-biggest company by market value, closed 0.3 percent higher ahead of the results. The stock has risen nearly a quarter so far in 2013, outpacing a 5 percent rise in the sectoral index.
(Reporting by Prashant Mehra)
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 →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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