ONGC Q3 net profit falls 4.8% to Rs 6,741 crore
CEO Jan Baksaas said the Norwegian telecom company was "severely penalized" by the Indian Supreme Court ruling to cancel all licenses issued in 2008 for "actions that took place before we entered India."
State-owned energy giant Oil and Natural Gas Corporation Limited (ONGC) has reported a 4.8% (year-on-year) fall in net profit in the third quarter.
The company reported a net profit of Rs 6,741.41 crore in the third quarter ending December 2011 against Rs 7,083.23 crore in the corresponding quarter of last fiscal. Net sales declined 2.5% to Rs 18,123.84 crore against Rs 18,586.41 CR (YOY).
A brokers' poll conducted by NDTV Profit had seen net sales at Rs 21,200 crore and PAT at Rs 6,810 crore.
ONGC's subsidy burden jumped to Rs 12,536 crore to Rs 7,170 crore (YoY). The government said that upstream companies will have to share 37.91% of the entire subsidy burden earlier this week.
Shares of the company traded 1.5% lower at 1510 hours. The Sensex traded 0.4% higher.