But, he added that the net profit in 2010-11 will surpass that of 2009-10.
Moreover, the involvement in subsidy sharing pattern for FY11 by the upstream companies such as ONGC, Oil India and GAIL will be at 38.5% against the earlier expectations of 33%.
The EPS of these companies will be influenced due to the increase in the subsidy sharing pattern.
AK Hazarika also added that as a result of the additional subsidy ONGC has been asked to pay Oil Marketing Companies (OMCs), it will witness a modest rise in the net profit for FY11 in spite of the high prices of crude oil.
Oil and Natural Gas Corporation Limited is an Indian state-owned oil and gas company headquartered at Dehradun, India.
It is a Fortune Global 500 company ranked 413, and contributes 77% of India's crude oil production and 81% of India's natural gas production.
It is the highest profit making corporation in India, according to filings with the BSE of latest quarter results.