ONGC Q3 net profit down 17%, but beats estimate

Indian state-run producer Oil & Natural Gas Corp reported a 17 percent fall in quarterly profit, but beat expectations, helped by higher sales and nearly flat subsidy provision.

The company reported a net profit of 55.63 billion rupees ($1.04 billion) for its fiscal third quarter ended December, down from 67.4 billion rupees a year earlier, which had included a one-time gain on account of royalty dues from a joint venture partner.

Analysts on average had expected the company to post a net profit of 53.7 billion rupees for the quarter.

Net sales rose 16 percent to 209.87 billion rupees.

Shares of ONGC, India's third-biggest company by market value, closed 1.7 percent lower on Monday, ahead of the results. The stock has jumped 15 percent so far in 2013, outperforming a 6 percent rise in the sectoral index.

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