ONGC third-quarter profit rises, but misses expectations

ONGC third-quarter profit rises, but misses expectations

According to its stock market filings, HPCL net profit has grown to Rs 1,950 crore from Rs 1,590 crore during the same period a year ago.

Higher crude prices meant ONGC got $60.58 for every barrel of oil produced during the quarter in consideration as against $51.80 in the period of the last fiscal.

Standalone production registered upswing in the nine month period: natural gas up 7.7 percent; crude oil up by 1.2 percent and value added product (VAP) up 4.9 percent in financial year 2018 against same period in financial year 2017.


ONGC's total income rose 15 per cent to Rs 24,122.42 crore. A company official told BusinessLine that the dividend proceeds will now go to ONGC instead of directly going to the government.

Hindustan Petroleum Corp Ltd (HPCL) has reported a 22 per cent rise in its third-quarter net profit on the back of higher refinery margins and inventory gains.

Q3FY18 net profit also increased by 12.39% from Rs 1,734.74 crore of the preceding quarter. HPCL said its merger with Mangalore Refinery and Petrochemicals should happen at the earliest as there exist lot of synergies between them.

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