Mumbai: Indian state-run explorer Oil & Natural Gas Corp reported a 23% rise in third-quarter net profit, its second straight quarterly rise, helped by firmer oil prices, but lagged market estimates.
ONGC, India’s second-most valuable company with a market worth of $56 billion, reported October-December net profit of Rs30.5 billion, up from Rs24.8 billion a year earlier.
A Reuters poll had forecast net profit of Rs47.6 billion.
ONGC is required to partially subsidise the sale of fuel to state-run retailers, who sell fuel at government-set, below-market prices, which affects its profit.
Ahead of the results, shares in ONGC fell 2% to Rs1,140 in a Mumbai market that shed 2.4%.
ONGC shares rose 0.5% in October-December, while the main index climbed 2 %.