May 30, 2018 / 2:00 PM / 23 days ago

ONGC fourth-quarter profit up 36 percent, misses estimates

(Reuters) - India’s top explorer Oil and Natural Gas Corp posted a 36 percent rise in fourth-quarter profit on Wednesday, but missed analysts’ expectations.

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, September 6, 2016. REUTERS/Amit Dave

Standalone profit, which does not include the financials of some of its units, rose to 59.15 billion rupees ($876.49 million) for the quarter ended March 31, from 43.40 billion rupees a year earlier, the company said.

On average, analysts had expected the company to post a profit of 63.70 billion rupees, Thomson Reuters data showed.

Revenue from ONGC’s offshore operations rose about 7 percent to 160.78 billion rupees.

($1 = 67.4850 Indian rupees)

Reporting by Jessica Kuruthukulangara and Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta

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