ONGC Q3 beats forecast, net profit down 17.5% to Rs 5,560cr

State-owned oil & gas producer Oil and Natural Gas Corporation 's (ONGC) net profit fell by 17.5 percent (lower than expected) year-on-year to Rs 5,562.7 crore in the third quarter of financial year 2012-13.

Net sales grew by 15.8 percent to Rs 20,987 crore from Rs 18,123 crore during the same period.

Analysts on an average were expecting net profit at Rs 5,340 crore on net sales of Rs 19,355 crore for the quarter.

Gross realisation declined at USD 110.16 a barrel in the quarter as against USD 111.48 a barrel in a year ago period while net realisation increased at USD 47.97 a barrel in the third quarter of FY13 as against USD 44.71 a barrel in the corresponding quarter of last fiscal.

Subsidy burden stood at Rs 12,433 crore, down marginally compared to Rs 12,536 crore in a year ago period.

(Results came in after market hours) Shares declined 1.61 percent to close at Rs 308.40 on Bombay Stock Exchange on Monday.

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ONGC Q3 beats forecast, net profit down 17.5% to Rs 5,560cr

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