India's ONGC Q2 slips 32 pct, misses forecast

MUMBAI Thu Nov 8, 2012 4:34pm IST

Stocks

   

MUMBAI Nov 8 (Reuters) - Indian state-run producer Oil & Natural Gas Corp reported a 32 percent fall in quarterly profit, just missing expectations, as lower average crude oil prices and a higher subsidy burden weighed on profits.

The company reported a net profit of 58.97 billion rupees ($1.1 billion) for its fiscal second quarter ended September, down from 86.42 billion rupees a year earlier.

Analysts, on an average, had expected a net profit of 60.9 billion rupees, according to a Reuters poll of brokerages.

Net sales fell 13 percent to 197.88 billion rupees.

Shares of ONGC, India's third-biggest company with a market value of $41.9 billion, closed 0.6 percent lower on Thursday, ahead of the results. The stock has risen 3.5 percent so far in 2012, nearly matching a 4.3 percent rise in the sectoral index . ($1 = 54.10 rupees) (Reporting by Prashant Mehra; Editing by G.Ram Mohan)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Telecom Sector

REUTERS SHOWCASE

Election 2014

Election 2014

Breakingviews: Singh wasn’t king, Modi could be  Full Article 

Quarterly Results

Quarterly Results

Ambuja net profit up 6.6 percent, expects recovery after elections  Full Article 

Conspiracy Lawsuit

Conspiracy Lawsuit

Apple, Google agree to pay over $300 million   Full Article 

Stock Split Trend

Stock Split Trend

Trend-setter Apple's stock split could bring out the copycats  Full Article 

Winning Start

Winning Start

Microsoft beats Wall Street on new CEO debut   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage