ONGC net up 15% to Rs 5,692 cr

ONGC becomes the first Indian firm to cross the Rs 5,000-cr profit mark in H1.

Oil and Natural Gas Corporation (ONGC) today reported a 15 per cent increase in net profit to Rs 5,692 crore during the first half of the current financial year as against Rs 4,960 crore during the corresponding period last year. This is the first time an Indian company has crossed the Rs 5,000 crore profit mark in the first half.

It paid Rs 1,782 crore as its share of subsidy for cooking gas and kerosene to oil marketing companies Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum.

While profits had predominantly been boosted by the recent trend of international crude prices, trading has contributed Rs 2,497 crore to the turnover, a company release said.

The oil major's net profit during the quarter-ended September rose 20 per cent to Rs 3,384 crore from Rs 2,825 crore in July-September 2003. Turnover during the first half of the year was Rs 22,290 crore, 33 per cent higher than the Rs 16,712 crore earned in the corresponding period last year.

The company's turnover in the second quarter was 35 per cent higher at Rs 11,903 crore from Rs 8,785 crore in the corresponding period last year.

"The pricing of natural gas produced by ONGC remained controlled at the same level, and therefore, given the trend in prices of natural gas and re-gassified liquefied natural gas in the domestic market, ONGC suffered higher under-recoveries," it added.

ONGC produced 13.27 million metric tonnes of crude oil during the first half, which was 4 per cent higher than last year.