 "ONGC Q1 standalone net drops 8% at Rs 3,885 cr")
Oil and Natural Gas Corp, India's top explorer, said on Thursday first-quarter standalone profit fell 8 per cent, below analysts' expectations.
Standalone profit from ONGC's operations in India was Rs 3,885 crore ($606.01 million) for the three months ended June 30, down from Rs 4,233 crore a year earlier, the company said.
Analysts on average expected ONGC to post a standalone profit of Rs 4,325 crore, Thomson Reuters data showed.
Revenue from the company's offshore operations rose 4.2 per cent to Rs 13,068 crore in the quarter.