ONGC Limited reported a growth of 60 per cent in its net profit for the second quarter ending September 30, 2011 at Rs 8,642.23 crore, mainly on account of gains from high crude oil and gas prices and weak rupee.
The company had posted a net profit of Rs 5,388.77 crore in the July-September quarter last year, ONGC said in a filing to the Bombay Stock Exchange on November 4, 2011.
The results have surpassed the analysts estimates of the profits to be at around Rs 6,715 crore, while sales were expected to be around Rs 20,942 crore for the quarter under preview. Experts attributed the strong performance of the company to the weak rupee to have spurted revenues for the company during the quarter.
Besides, the company's revenues increased by 24 per cent to Rs 24,058.33 crore in Q2, 2011-12, as compared to Rs 19,336.46 crore in Q2, 2010-11.
Shares of the company after opening higher at Rs 286.50 from previous close of Rs 277.65, surged to touch the high of Rs 288.30 on BSE, reflecting the gain of 3.80 per cent.