ONGC Q3 net rises over twofold to Rs 7,083 cr
State-owned ONGC today reported a over two-fold jump of its net profit at Rs 7,083 crore for the quarter ended December 31, 2010 as it got a one-time settlement charge on natural gas dues.
During the same period a year ago the company’s had registered a net profit of Rs 3,054 crore, ONGC Chairman R S Sharma told reporters here.
The company in the quarter received Rs 1,900 crore from the gas bill accounts on past dues.
Besides, the profit was higher as the company’s net realisation on crude sale was up 12.3 per cent to $64.79 per barrel.
The company also received more than double price for the natural gas produces at $4.2 per million British thermal unit.
Shares of the company closed at Rs 1,135.60, up 1.89 per cent from previous close on the BSE.
Source: Business Standard
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