Oil & Natural Gas Corporation (ONGC), the country's largest public sector oil company, today recorded a 43.3 per cent drop in net profit to Rs 2,474.8 crore for the third quarter ended December 31, 2008, as compared to Rs 4,366.5 crore in the corresponding quarter a year ago.
In a statement to the Bombay Stock Exchange ONGC said: "In terms of decision of the government of India, the company has shared under recoveries of oil marketing companies for the third quarter of 2008-09 by allowing discount in the prices of crude oil, PDS kerosene and domestic LPG."
The company said that as an impact its sales revenue dropped to Rs 4,899 crore in the quarter ended December 2008 compared with Rs 6,080 crore in the corresponding quarter a year ago.
The company's total income dropped from Rs 15,983 crore for the quarter ended December 2007 to Rs 13,657 crore for the quarter ended December 2008.
ONGC closed at Rs 642.25, up 3.42 per cent on the Bombay Stock Exchange.
