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HPCL March quarter net profit up 31%, beats Street estimates

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HPCL Records Highest Ever Profit In FY 2017, Shares Spurt by 11%,

Oil major Oil and Natural Gas Corporation (ONGC) on Friday reported 6.14 per cent fall in net profit at Rs 4,340.18 crore for the quarter ended March 31, 2017.

The hit in bottomline is due to the additional ₹2,444 crore royalty outgo to the Gujarat and Assam state governments. A poll of analysts conducted by CNBC-TV18 had pegged this at Rs 1,050 crore.

ONGC has also approved the acquisition of entire 80 per cent 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. While PAT for 2016-17 stood at Rs6,209 crore compared with Rs3,726 crore a year ago on a standalone basis, the fourth quarter profit was Rs1,819 crore against Rs1,388 crore a year ago.

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Also, the company provisioned Rs 1,944 crore towards ensuing pay revision for employees. This will result in a total payout of Rs 3,668 crore including dividend distribution tax, he said. Net realisation on crude oil produced from nominated fields was up 6.6 per cent at $50.27 per barrel and that from joint venture fields by 4 per cent at $44.09 a barrel.

ONGC's revenue from operations for the fourth quarter of financial year 2017 stood at ₹26,233.56 crore. During the fourth quarter of 2017, it had an inventory gain of Rs 743 crore against Rs 37 crore during the same period previous year.

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