Total Income of the company was up 46 per cent from Rs 7,376 crore for the quarter ended June 30, 2007 to Rs 10,747 crore for the quarter ended June 30, 2008, said the company in its statement.
The net profit was high during the quarter due to inventory gain of Rs 655 crore net of tax on account of increase in average crude oil price from approximately $100 per barrel in March 2008 to $129/bbl in June 2008.
Exports for MRPL--an ONGC subsidiary--was Rs 2,852 crore as compared top Rs 2,911 crore for the corresponding previous quarter.
In view of the heavy under recoveries in marketing of petrol and diesel and the directive of the Ministry of Petroleum and Natural Gas, the company has put on hold the setting up of retail outlets excepting two outlet, where the construction is almost complete, said the company.
The company has also discontinued the sale of diesel to Bangalore Metropolitan Transport Corporation and Karnataka State Road Transportation Corporation (KSRTC), Indian Railways and to other large customers as the government has not accepted the request for issuing Oil Bonds and Crude discounts from Up Stream Companies to compensate on the under recoveries in diesel sales.
