ONGC Q3 net up 15% to Rs 50 bn from Rs 44 bn; crude oil production down 1%

The company's total crude oil production dropped by 1% from 6.4 million tonnes during the third quarter last year to 6.3 MT this year

State-run Oil and Natural Gas Corporation (ONGC) has posted a 15.2 per cent rise in net profit for the third quarter of the financial year 2017-18 to Rs 50.15 billion, compared to Rs 43.52 billion last year. 

The company's gross revenue for October to December quarter of the current quarter was seen at Rs 229.96 billion, up 14.9 per cent compared to Rs 200.14 billion during the same period in 2016-17. 

In January, ONGC had announced the acquisition of 51.1 per cent government stake in Hindustan Petroleum Corporation at a cost of Rs 369.15 billion. The deal helped the government