ONGC Q4 net rises 12% to Rs 4,416 cr

ONGC said it partly reversed a previously-taken charge, leading to a one-off gain of Rs 852 cr in the quarter

Oil and Natural Gas Corp, country's biggest oil explorer, reported on Thursday a surprise 12 percent rise in fourth-quarter net profit, helped by a one-off gain.

Net profit on a standalone basis was Rs 4,416 crores ($657.5 million) for the three months to March 31, compared with Rs 3,935 crores a year earlier, the state-run company said in a regulatory filing.

ONGC said it partly reversed a previously-taken charge, leading to a one-off gain of Rs 852 crore in the fourth quarter.

On Thursday, the company's scrip on BSE closed 3% higher at Rs 216.70.