ONGC Q4 Net dips 6.2% at Rs 4340 cr on royalty payments
27 May 2017, 04:37 | Andres Norman
HPCL ONGC Q4 preview Spike in crude prices decline in GRM to play role? Representational Image
Driven by a strong growth in revenues and an overall operational beat, oil and gas major Hindustan Petroleum Corporation's (HPCL) net profit for the March quarter beat Street expectations at Rs 1,819 crore against profit of Rs 1,590 crore during the previous quarter.
The company's total expenditure during the January-March quarter at Rs 20,696.46 crore also shot up 47.59 per cent, as compared to the expenses of Rs 14,022.15 crore in the fourth quarter of 2015-16.
Total income of Rs 26,234 crore was up nearly 30% on higher crude oil prices.
"We set out Rs 2,444 crore to clear royalty payments to Gujarat and Assam as had been ordered by the Supreme Court", ONGC Director (Finance) A K Srinivasan said.
Also, the company provisioned Rs 1,944 crore towards ensuing pay revision for employees. Its performance was better in inventory gain, which was Rs 743 crore in the fourth quarter of 2016-17, against Rs 37 crore gain reported past year.
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