<p>Oil & Natural Gas Corp (ONGC) has reported more than doubling of its net profit in March quarter as rupee depreciation helped offset a steep rise in fuel subsidy outgo.<br /><br /></p>.<p>Net profit in January-March quarter rose to Rs 5,644 crore from Rs 2,791 crore a year ago. ONGC paid Rs 14,170 crore for subsidising diesel, domestic LPG and kerosene as against Rs 12,136 crore outgo in Q4 last fiscal.<br /><br />The subsidy outgo was made good by rupee depreciation — from Rs 47.95 to a US dollar in Q4 2010-11 to Rs 50.29 to a US dollar in same period of 2011-12 fiscal. But for the subsidy outgo, ONGC profits would have been higher by over Rs 8,000 crore.<br /><br />ONGC plans to invest Rs 121,737 crore in 12th Five Year Plan period. This fiscal it has a capex of Rs 30,432 crore as against Rs 28,276 crore of previous year. Its sales were up 22 per cent to Rs 18,976 crore.</p>
<p>Oil & Natural Gas Corp (ONGC) has reported more than doubling of its net profit in March quarter as rupee depreciation helped offset a steep rise in fuel subsidy outgo.<br /><br /></p>.<p>Net profit in January-March quarter rose to Rs 5,644 crore from Rs 2,791 crore a year ago. ONGC paid Rs 14,170 crore for subsidising diesel, domestic LPG and kerosene as against Rs 12,136 crore outgo in Q4 last fiscal.<br /><br />The subsidy outgo was made good by rupee depreciation — from Rs 47.95 to a US dollar in Q4 2010-11 to Rs 50.29 to a US dollar in same period of 2011-12 fiscal. But for the subsidy outgo, ONGC profits would have been higher by over Rs 8,000 crore.<br /><br />ONGC plans to invest Rs 121,737 crore in 12th Five Year Plan period. This fiscal it has a capex of Rs 30,432 crore as against Rs 28,276 crore of previous year. Its sales were up 22 per cent to Rs 18,976 crore.</p>