State-run explorer Oil and Natural Gas Corp. (ONGC) on Friday reported a 6.1 percent fall in net profit for the fourth quarter ended March 2017 at Rs 4,340 crore, as compared to Rs 4,624.30 crore for the corresponding period last year.
The company's total income for the quarter in consideration, however, increased by 29.24 percent to Rs 26,233.56 crore on account of better revenue from operations, as compared to Rs 20,297.33 crore earned in the corresponding quarter of 2015-16.
Total expenditure for the January-March quarter rose 47.59 percent to Rs 20,696.46 crore as compared to Rs 14,022.15 crore, yoy.
For 2016-17, the explorer's net profit at Rs 17,899.97 crore marked an increase over Rs 16,139 crore earned during the preceding financial year.
The company said that during 2016-17, the Centre settled the issue of the company's royalty dues with the governments of Gujarat and Assam, on the basis of which the Supreme Court has disposed of the special leave petition in the matter.
"Accordingly, the Company has charged differntial loyalty amounting to Rs 2,444 crore paid to the state governments," ONGC said in a stock exchange filing.
ONGC has also approved the acquisition of entire 80 percent stake participating interest of Gujarat State Petroleum Corp (GSPC) along with operatorship in the Deen Dayal West field, where geological challenges have delayed commercial production for many years, for a consideration of Rs 6,454 crore, the company said.
The ONGC stock closed on Friday at Rs 175.80, up 0.95 percent from its previous close, on the BSE.
