 "ONGC hits 22-months low on lower-than-expected Q1 profit")
Shares of Oil and Natural Gas Corporation (ONGC) have dipped by 3% at Rs 262, their lowest level since October 2013 on the BSE, after the company reported net profit of Rs 5,460 crore for the quarter ended June 30, 2015 (Q1) against an average analyst estimates of Rs 6,029 crore.
However, net profit was 14% higher compared to Rs 4,782 crore in the same quarter of previous year, on improved realisations and lower subsidy sharing burden.
The company's total income dipped by a marginal 0.5% to Rs 22,631 crore in the June quarter from Rs 22,746 crore in the same quarter last fiscal. Analysts on an average had expected revenues of Rs 23,669 crore for the quarter.
The company’s crude oil production rose by a mere 1.3% to 6.136 million tonnes while natural gas production declined 3.6% to 5.818 billion cubic meter(BCM), ONGC said in a press release.
At 10:40 AM, the stock was down 2.9% at Rs 263 on the BSE. A combined 1.73 million shares changed hands on the counter on the BSE and NSE.
However, net profit was 14% higher compared to Rs 4,782 crore in the same quarter of previous year, on improved realisations and lower subsidy sharing burden.
The company's total income dipped by a marginal 0.5% to Rs 22,631 crore in the June quarter from Rs 22,746 crore in the same quarter last fiscal. Analysts on an average had expected revenues of Rs 23,669 crore for the quarter.
The company’s crude oil production rose by a mere 1.3% to 6.136 million tonnes while natural gas production declined 3.6% to 5.818 billion cubic meter(BCM), ONGC said in a press release.
At 10:40 AM, the stock was down 2.9% at Rs 263 on the BSE. A combined 1.73 million shares changed hands on the counter on the BSE and NSE.