ONGC Posts Rs. 8,263 Crore Profit In December Quarter, Beats Street Estimates

Oil and Natural Gas Corporation (ONGC) on Thursday posted a 64.8 per cent jump in third-quarter profit, handily beating analysts estimates, boosted by higher revenue from offshore operations.

ONGC's profit stood at Rs. 8,263 crore ($1.16 billion) in the quarter ended December 31, compared with Rs. 5,015 crore rupees a year earlier, the oil and gas explorer said in a stock exchange filing.

Analysts on average had expected a profit of Rs. 7,371 crore, according to Refinitiv data.

Revenue from operations climbed over 20 per cent to R

s. 27,694 crore, while revenue from offshore operations rose 19.1 per cent, ONGC said. More