New Delhi, July 29: The country’s premier oil and gas producer Oil and Natural Gas Corporation (ONGC) has reported a rise of nearly 12 per cent, year-on-year, (YoY) in its first quarter net profit, defying an increased subsidy burden. The net profit of the company has risen to Rs 4,095 crore against Rs 3,661 crore in the corresponding quarter of last fiscal. Net sales jumped nearly 19 per cent (YoY) to Rs 16,268 crore from Rs 13,710 crore in the April-June quarter of fiscal 11. The company, which had its 221st board meeting on Thursday, announced a subsidy burden in the quarter ended June 2011 of Rs 12,046 crore. Reviewing the quarterly result Chairman and Managing Director A K Hazarika said, “ONGC has exceeded MoU targets resulting in increase in net profit inspite of higher subsidy payments.” The company recorded a gross realisation of $121.29 a barrel in Q1 fiscal 12, a massive improvement compared to $80.80 a barrel in the year ago period. Net realisation in the same quarter was $48.76 a barrel - a very small jump over $48.04 a barrel seen in the corresponding quartet of last year.
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