Mumbai: Oil and Natural Gas Corporation (ONGC) reported a 64 per cent decline in net profit for the December quarter, hurt by lower crude oil prices, missing analysts' estimates.
India's biggest state-owned crude explorer posted a standalone net profit of Rs 1,286 crore ($187.96 million) for the three months ended December 31, compared with Rs 3,571 crore in the year-ago quarter.
Analysts had estimated a net profit of Rs 3,606 crore for the three-month period.
The company said it took an impairment charge of Rs 3,994 crore during the quarter due to falling crude prices.
Net sales for the three-month period fell 2 per cent to Rs 18,397 crore.
($1 = Rs 68.42)
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
India's biggest state-owned crude explorer posted a standalone net profit of Rs 1,286 crore ($187.96 million) for the three months ended December 31, compared with Rs 3,571 crore in the year-ago quarter.
Analysts had estimated a net profit of Rs 3,606 crore for the three-month period.
The company said it took an impairment charge of Rs 3,994 crore during the quarter due to falling crude prices.
Net sales for the three-month period fell 2 per cent to Rs 18,397 crore.
($1 = Rs 68.42)
© Thomson Reuters 2016
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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