ONGC June qtr profit feels pricing heat, down 8%

State-owned Oil and Natural Gas Corporation (ONGC) today reported an 8 per cent drop in its June quarter net profit as energy prices fell.

ONGC reported a net profit of Rs 3,884.73 crore, or Rs 3.03 a share, in April-June compared to Rs 4,232.54 crore, or Rs 3.30 per share, in the same period of the previous fiscal, the company said in a regulatory filing.

Revenue was up at Rs 19,073.54 crore, from Rs 17,784.75 crore in the first quarter of the previous fiscal.