ONGC's Q2 net down 3% due to subsidy burden

ONGC's Q2 net profit fell 3%,quarter to Rs 5,896 crore due to the discount it gave to oil marketign companies for selling fuel at government controlled rates. Discount to OMCs was Rs 11,965 crore versus Rs 12,039 crore, QoQ.

Sales of the company was also down a percent to Rs 20.084 crore,QoQ.

Its other income was up at Rs 1,901 crore versus Rs 1,038 crore, QoQ.

Meanwhile, shares of the company closed 0.6 percent lower, ahead of the results.

Source: www.moneycontrol.com

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