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.

This article is no longer available in our repository.

There could be multiple reasons for this.