ONGC declare profits of Rs 15,485 crores

ONGC declare profits of Rs 15,485 crores

India based ONGC (Oil and Natural Gas Corporation Ltd.) has proven why it is called the ‘most valuable corporate’ in the Indian market. The company today announced a net profit of Rs 15485 crore during the fiscal year of 2005-06.

This profit figures is a growth of six per cent growth over previous year and comes after absorbing a subsidy burden of nearly Rs 12,000 crores!

ONGC Chairman Subir Raha said in a statement while announcing these revenue figures for the company: “India’s most valuable corporate in terms of market capitalization, net worth and net profit”.

ONGC group reported net revenue figures of Rs 86,414 crore, which is 21 per cent higher than Rs 71,627 crore recorded in 2004-05. ONGC Ltd itself posted revenue figures of Rs 50,900 crores and the profits were up by nine per cent to Rs 14,175 crore.

Raha added that the market capitalization of the ONGC crossed Rs 190,000 crore on March 30 this year.