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In Q2, ONGC profit rises 61%, beats estimates

ONGC’s net profit stood at Rs 8,265 crore in Q2 compared with Rs 5,130 crore a year earlier

In Q2, ONGC profit rises 61%, beats estimates
In Q2, ONGC profit rises 61%, beats estimates

New Delhi: State-owned oil marketing company, Oil and Natural Gas Corp Ltd (ONGC), recorded a 61 percent rise in profit in the second quarter of the current fiscal and beat forecasts, a financial report released by the company showed. ONGC’s net profit stood at Rs 8,265 crore in the quarter ended 30 September, compared with Rs 5,130 crore a year earlier, the company said in a stock exchange filing.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) increased 7.2 percent to Rs 15,788.74 crore and margin expanded 226 bps to 56.4 percent in quarter ended September 2018.

Analysts on average had expected a profit of Rs 6,861 crore, according to Refinitiv data. Income from operations rose 47.5 percent to Rs 27,989 crore, ONGC said. Revenue from operations grew by 2.9 percent during the quarter to Rs 27,989.1 crore compared to Rs 27,212.8 crore in April-June period, ONGC said. At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) increased 7.2 percent to Rs 15,788.74 crore and margin expanded 226 bps to 56.4 percent in quarter ended September 2018. Other income during the quarter increased sharply by 268.4 percent quarter-on-quarter to Rs 2,394 crore while total expenses declined 3.2 percent to Rs 17,678.4 crore due to fall in finance expense, depreciation cost and other expenses.