State run Oil and Natural Gas Corporation Ltd (ONGC)’s standalone net profit fell 6% to Rs 4,340 crore on account of higher expenses and the absence of a one-time gain seen in the corresponding quarter last year.
The company’s standalone profit for the March quarter was at Rs 4,340 crore, 6% lower compared to Rs 4624.3 crore reported in the same period a year back. In the same quarter, the company’s total income rose 29% to Rs 26233.56 crore from Rs 20297.83 crore in the corresponding quarter a year back. Total expenses, however, rose at a higher rate of 48% to Rs. 20696.46 crore from Rs 14022.15 crore a year back.
In addition, to higher expenses, the company’s standalone profit for the March 2016 quarter was also helped due to a one-time exceptional gain of Rs 389.82 crore.
via ONGC Q4 net falls 6% to Rs 4,340 cr on higher expenses | Business Standard News
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