Comments
Shares of State-owned Oil and Natural Gas Corp (ONGC) today fell by nearly 3 per cent as the company reported a 40 per cent drop in its March quarter net profit.
Reacting to the disappointing numbers, the energy major’s scrip opened the day on a weak note and as trade progressed fell by 2.3 per cent to Rs 326.30 on the BSE.
At the NSE, the stock went down by 2.64 per cent to Rs 326.10.
“ONGC reported a lower-than-expected Q4 FY13 profitability performance due to higher operating costs,” Angel Broking said in a report.
ONGC had yesterday reported a 40 per cent drop in its March quarter net profit as oil and gas output fell while payments on account of statutory levies rose sharply.
Net profit in the January-March quarter at Rs 3,387 crore was 40 per cent lower than Rs 5,644 crore in the same period a year ago.
The company’s March 2013 quarter sales were up 13.1 per cent at Rs 21,460 crore.
For the fiscal, net profit was down 16.7 per cent at Rs 20,926 crore on record subsidy payout.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.