ONGC's net profit up by 49% to US$1 billion

India’s largest state-owned oil and gas firm Oil and Natural Gas Corp. Ltd. (ONGC) reported a 49% surge in net profit for the quarter that ended June 30, 2012 to Rs60.78 billion (US$1 billion), compared to Rs40.95 billion (US$753.6 million) during the same period last year. The firm’s revenue grew to Rs212.16 billion (US$3.9 billion) for the first quarter of FY 2013 compared to the same period a year ago of Rs171.28 billion (US$3.2 billion). The firm’s production during the first quarter was also up by 3.2% to 5.64 million tons of oil compared to the previous year, while its gas production spiked from the year-ago quarter’s 6.2 billion cubic meters (bcm) to 6.4 bcm. (August 14, 2012)