Oil and Natural Gas Corporation (ONGC) on Monday reported a 17.5 per cent drop in net profit for the third quarter ended December 31, 2012, at Rs.5,563 crore, as crude oil output fell, against Rs.6,741 crore in the year-ago period.

Chairman and Managing Director Sudhir Vasudeva told reporters here that the profit in Q3 last year was higher due to Rs.3,142 crore one-time exceptional income from cost recovery being allowed on royalty it paid on Cairn India’s Rajasthan oil block.

The benefit of the decision came for the full year in that quarter and if this exceptional item was excluded, the quarter-on-quarter net profit should have been higher by Rs.736 crore, he said.

Also, ONGC’s share in fuel subsidy was marginally lower at Rs.12,433 crore as against Rs.12,536 crore in October-December 2011-12.

ONGC realised $47.97 a barrel after paying a discount out of $110.16 a barrel gross realisation. The net realisation was higher than $44.71 a barrel realised in Q3 in the previous year.

Mr. Vasudeva said the net profit would have been higher by Rs.7,260 crore if it were not to foot the subsidy bill.

The company’s turnover was up 16 per cent at Rs.21,089 crore.

Tata Power

Tata Power, for the quarter ended December 31, 2012, has reported a consolidated net loss of Rs. 329 crore as compared to net profit of Rs. 298 crore in the corresponding quarter last year. This was due to an additional impairment provision of Rs. 600 crore for its Ultra Mega Power Project at Mundra, forex losses and falling coal prices , the company said in a statement.

During the period, the company’s revenues increased 36 per cent to Rs. 9,039.31 crore as compared to Rs. 6,659.87 crore in corresponding quarter last year. During the quarter, the company reported strong financial and operational performance driven by all business divisions. ““We are happy to announce that the company has reported robust growth in revenues and has crossed the Rs. 9,000 crore mark this quarter,” said Anil Sardana, Managing Director, Tata Power.

“It is hoped that the decision in respect of fuel prices is taken early and constant impact on Tata Power’s networth is salvaged,” Mr Sardana said.

Tata Power shares closed with a gain of 0.51 per cent at Rs. 97.60 on the BSE.


Amrutanjan Health Care has declared an interim dividend of Re. 1 per share (50 per cent on face value of Rs.2) for the year ending March 31, 2013.

The company has reported a total income of Rs. 36.29 crore for the third quarter ended December 31, 2012, against Rs. 36.36 crore in the same period in the previous year. The net profit was lower by 22 per cent at Rs. 3.37 crore against Rs. 4.32 crore in the year-ago period.

Sundram Fasteners

Sundram Fasteners reported a 9.3 per cent drop in its net profit at Rs. 22.54 crore for the third quarter ended December 31, 2012, against Rs. 24.83 crore in the same period in the previous year. Total income from operations was also lower at Rs. 500.09 crore against Rs. 531.50 crore in the year-ago period.

Sales and operating income for the nine months ended December 31, 2012 was marginally up at Rs. 1,599.08 crore against Rs. 1,598.84 crore in the nine months of the previous year. The net profit was Rs. 78.67 crore against Rs. 78.20 crore.

GMR Infra

GMR Infrastructure reported a net loss of Rs.217 crore at the end of the third quarter ending December 31, 2012, more than double the loss at the end of the comparable quarter of the previous year. The company, which operates airports in Delhi and Hyderabad, apart from interests in road and power projects and EPC contracts, reported a pre-tax loss of Rs.165 crore, marginally higher than the loss it reported a year earlier. This was despite margins increasing from 21 per cent to 28 per cent.

Group Chairman G. M. Rao said the declining output from the K-G D6 gas fields and the non-availability of coal had impacted not only GMR’s power projects but those of other private power companies. However, improved cash flows from airport operations, most notably those from the Delhi International Airport Ltd. (DIAL), had “cushioned” the negative impact from operations in the energy sector.

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