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This is an archive article published on May 30, 2012

ONGC Q4 net doubles

Profit rises 102 to Rs 5,644 cr

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State-owned Oil and Natural Gas Corp ONGC has posted a 102 per cent rise in its net profit for the March quarter as rupee depreciation offset a steep rise in fuel subsidy outgo. The net profit in January-March quarter rose to Rs 5,644 crore from Rs 2,791 crore a year ago.

The oil majors total income was up 22.84 per cent to Rs 19,339 crore from Rs 15,742 crore.

ONGC paid Rs 14,170 crore for subsidising diesel,domestic LPG and kerosene as against Rs 12,136 crore outgo in Q4 last fiscal.

ONGC gets paid for both crude oil and natural gas it produces in US dollars and rupee depreciation is a bonanza for the company.

The rupee depreciated from 47.95 to a dollar in Q4 2010-11 to 50.29 to a dollar in Q4 of 2012.

ONGC got 44.32 on sale of every barrel of crude oil after giving a record subsidy discount of 77.3 per barrel.

The company posted a net profit of Rs 25,122.92 crore for the year ended March 31,2012,compared to Rs 18,924 crore for the year ended March 31,2011.

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ONGC has recommended a final dividend of Rs 2 per equity share of Rs 5 each for FY12,subject to shareholder approval.

 

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