OVL FY8217;13 net profit jumps 44

ONGC Videsh Ltd OVL,the overseas arm of state-owned Oil and Natural Gas Corp,on Wednesday reported an over 44 per cent jump in net profit for 2012-13 fiscal on the back of higher gas production.

Net profit in 2012-13 at Rs 3,929 crore was 44.4 per cent higher than Rs 2,721 crore in the previous fiscal,the company said in a statement.

OVL is the unlisted overseas investment arm of the state explorer and only gives yearly earning numbers.

Revenue dropped 20.4 per cent to Rs 18,029 crore as oil production at its properties in Syria and South Sudan was impacted due to geo-political situation.