ONGC Q1 net up 12% at Rs 4,610crBS Reporter / Mumbai July 25, 2007Oil and Natural Gas Corporation (ONGC), the country's largest oil exploration and production company, reported a 12% increase in net profit at Rs 4,611 crore during the first quarter ended June 30, 2007 due to a 29% reduction in subsidy burden.ONGC had a subsidy outgo of Rs 3,649 crore in Q1FY08 as against Rs 5,120 crore in the first quarter of 2006-07. The better-than-expected performance partially offset the adverse impact of the strong rupee on the revenue, which dropped 6% to Rs 13,728 crore.The company
