India Earnings - ONGC | Excessive subsidy burden depresses Financials

Oil & Natural Gas Corporation (ONGC) : Disclosed a marginal decline in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company declined 5.67% to Rs 48,084.10 million from Rs 50,974.80 million in the same quarter previous year.

Net sales for the quarter rose 13.53% to Rs 174,996.20 million, while total income for the quarter rose 13.67% to Rs 188,966.30 million, when compared with the prior year period.

The company posted earnings of Rs 22.48 a share during the quarter, registering 5.67% decline over prior year period.
During the quarter,Interest cost increased 3.20 times to Rs 974.40 million while depreciation cost rose 9.87% to Rs 21,832.10 million over previous year period.

ONGC is the only fully-integrated petroleum company in India operating along the entire hydrocarbon value chain. It has established 6 billion tons of in-place hydrocarbon reserves with more than 300 discoveries of oil and gas.

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