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ONGC's Attributable Profit Rises 21% in Fiscal Q1

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Oil and Natural Gas (NSE:ONGC, BOM:500312) posted a 21% increase in consolidated attributable profit to 119 billion Indian rupees in the fiscal first quarter from 98 billion rupees a year earlier.

Revenue rose 26% to 2.05 trillion rupees from 1.63 trillion rupees, according to a Tuesday exchange filing.

Consolidated net profit fell 43% to 65.5 billion rupees from 115.5 billion rupees a year prior.

The company said consolidated profit was significantly affected by HPCL's net loss, primarily due to under-recoveries on petroleum products following the sharp rise in crude oil prices after the West Asia crisis.

Strong performances from subsidiaries, including ONGC Videsh and MRPL, partly offset the impact.

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