ONGC second-quarter profit rises, beats estimate

NEW DELHI (Reuters) – India’s Oil and Natural Gas Corp Ltd posted a 61 percent jump in second-quarter profit on Saturday, with higher crude oil prices helping it to beat forecasts.

ONGC’s net profit stood at 82.65 billion rupees ($ 1.14 billion) in the quarter ended Sept. 30, compared with 51.3 billion rupees a year earlier, the company said in a stock exchange filing.

Analysts on average had expected a profit of 68.61 billion rupees, according to Refinitiv data.

Income from operations rose by 47.5 percent to 279.89 billion rupees, ONGC said.