India's ONGC Reports 32% Drop in Q2 Net Profit at Rs 58.96 bln
India's state-owned ONGC Ltd's net profit for the second quarter ending September 30 fell 31.77% on-year to Rs 58.96 billion as against Rs 86.42 billion in same quarter a year ago.
ONGC profit fell as crude oil prices fell and subsidy burden rose in the reporting quarter.
ONGC's total income in the reporting quarter decreased % on-year to Rs 217.86 billion from Rs 240.58 billion in the same quarter a year ago period.
Shares of ONGC closed 0.6% lower on Thursday, ahead of the results. The stock has risen 3.5 percent so far in 2012.
India's third-biggest company with a market value of $41.9 billion, reported other income of Rs 19.01 billion fro Q2 as against Rs 10.38 billion in previous quarter.
Oil and Gas major's operating profit margin at the end of September quarter stood at 51.25 as against 54.36 in previous quarter. [/q]