ONGC Posts Lowest Profit in Six Quarters on Crude Oil Discount
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Oil & Natural Gas Corp., India’s biggest energy explorer, posted its lowest quarterly profit in more than a year after giving discounts on crude oil to state-run refiners to compensate them for below-cost fuel sales.
Net income fell 18 percent to 55.6 billion rupees ($1.03 billion) in the three months ended Dec. 31 from 67.4 billion rupees a year earlier, the New Delhi-based explorer said in a stock exchange filing yesterday. That beat the 53.8 billion rupee median estimate of 35 analysts surveyed by Bloomberg. Sales rose 16 percent to 209.9 billion rupees.