ONGC Q4 net slumps 40 per cent, lags expectations

Oil & Natural Gas Corp posted a 40 per cent slump in quarterly profit, lagging expectations, as lower average crude prices during the period and higher costs and write-offs hurt margins.

The state-run company reported a net profit of Rs 3389 crore for its fourth quarter ended March, down from Rs 5644 crore a year earlier.

Analysts on average, had expected the company to post a net profit of Rs 4708 crore for the quarter, according to Thomson Reuters Starmine data. Net sales rose 14 per cent to Rs 21389 crore.

Shares of ONGC, India's second-biggest company by market value, closed 0.3 per cent higher ahead of the results. The stock has risen nearly a quarter so far in 2013, outpacing a 5 per cent rise in the sectoral index.

Copyright: Thomson Reuters 2013