ONGC reports 12 per cent rise in Net to Rs 4,416 crore in Q4

State-owned Oil and Natural Gas Corp (ONGC) today reported a 12 per cent rise in its March quarter net profit after the government exempted it from payment of fuel subsidy.

Net profit of Rs 4,416 crore in January-March was 12.2 per cent higher than Rs 3,935 crore net profit in the same period a year ago, ONGC said in a statement here.

Profit rose despite crude oil production falling by 1.7 per cent to 6.34 million tons. Gas output also dropped by nearly 10 per cent to 5.24 billion cubic meters. ONGC was exempted by the government from payment of any fuel subsidy last year, leading to the profit boost.