NEW DELHI: India's top explorer Oil and Natural Gas Corp on Thursday posted a lower-than-expected first-quarter standalone profit, hurt by higher expenses.
Profit on a standalone basis, which takes into account only the state-run multinational's India operations, rose 58 per cent to Rs 6,144 crore ($894.26 million) for the quarter ended June 30, helped by higher domestic gas prices.
Analysts on average had expected
ONGC to post a standalone profit of Rs 6,643 crore, according to Thomson Reuters I/B/E/S.
India had raised prices of its locally produced gas by about 6 per cent for April-September to $3.06 per million British thermal units (mBtu) compared to $2.89/mBtu in the previous six months.
Revenue from offshore operations rose 38 per cent to Rs 18066 crore in the quarter while total expenses went up 30 per cent to Rs 18,256 crore.
(Representative image)
