SummaryThe profit rose as the company gained Rs 3,098 crore from rupee depreciating against US dollar.
State-owned Oil & Natural Gas Corp (ONGC) today reported a 44 per cent jump in its fourth quarter as foreign exchange gains and lesser write off on drilling of unsuccessful wells made up for a steep rise in subsidy outgo.
Net profit in January-March 2014 rose to Rs 4,889 crore from Rs 3,387 crore a year ago, ONGC Chairman and Managing Director Dinesh K Sarraf said.
The profit rose as the company gained Rs 3,098 crore from rupee depreciating against US dollar. Also, it wrote off Rs 1,906 crore towards unsuccessful wells drilled in the quarter as compared to Rs 4,127 crore write off for dry wells in Q4 of 2012-13 fiscal.
The company paid Rs 16,202 crore towards subsidy in the fourth quarter as compared to Rs 12,312 crore in the previous year, he said.
Upstream oil producers like ONGC make up for a part of losses retailers incurred on sale of diesel and cooking fuel at government-controlled rates. The subsidy payout is in the form of discount on crude oil sold to IOC, BPCL and HPCL.
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