ONGC Q1 net increase jumps 14% to Rs 5,460 cr on reduce fuel subsidy

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New Delhi: State-owned Oil and Natural Gas Corp. (ONGC) currently reported over 14 percent burst in a Jun entertain net distinction as a fuel funding expenditure reduced and oil outlay rose.

Net distinction in April-June duration during Rs 5,460 crore was adult 14.2 percent from Rs 4,782 crore in a year ago quarter.

Representational image. ReutersRepresentational image. Reuters

Representational image. Reuters

“Oil prolongation had been a matter of concern. But we have been means to detain a decrease in a prior entertain and in April-June it in fact rose 2.2 percent to 5.227 million tonnes,” ONGC authority and handling executive DK Sarraf said.

Gas outlay however dipped 3 percent to 5.482 billion cubic metres.

“We are addressing that as good and hopefully we will have some certain news by a fourth quarter,” he
said.

The vital benefit came from a rebate in a fuel funding outgo, that during Rs 1,133 crore in Q1 were reduction than Rs 13,200 crore in a same duration a year ago.

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Upstream firms like ONGC bear a partial of a waste that retailers humour on offered kerosene during supervision tranquil rates. This is in form of bonus on wanton oil they sell to refiners.

He pronounced ONGC got a net of $58.92 per tub in Q1 after giving a bonus of $4.88 a barrel. This compared to net realization of $47.15 per tub in April-June of 2014 out of a sum realization of $109.48 a barrel.

The funding payout led to net distinction being reduce by Rs 628 crore, he said.

The funding payout in Q1 of final mercantile had led to distinction being reduce by Rs 7,396 crore.

Revenue was adult 4.3 percent during Rs 22,868 crore during April-June 2015.

PTI

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