Mumbai: India's biggest oil explorer, Oil and Natural Gas Corp (ONGC) reported on Thursday 12 per cent rise in fourth quarter net profit. The rise is not expected by the company, results beats expectation. Net profit on a standalone basis was Rs 4,416 crore ($657.5 million) for the three months to March 31, compared with Rs 3,935 crore a year earlier, the state-run company said in a regulatory filing.
Analysts on average had expected a net profit of Rs 2,817 crore, according to data compiled by Thomson Reuters.
ONGC said it partly reversed a previously-taken charge, leading to a one-off gain of Rs 852 crore in the fourth quarter.
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