India's state-owned upstream player, Oil and Natural Gas Corp. (ONGC), reported on Thursday a 5.9% increase in quarterly net profit to 53.89 billion rupees ($1.21 billion) for July to September, the second quarter of the Indian fiscal year. The rise is a sharp improvement from the 25% fall posted for the first quarter, and comes after sale revenues rose 20.5% to 182.39 billion rupees ($4.09 billion) from the same period a year ago. But rising profits were limited by a 14.8% increase in subsidies paid out to state- owned refiners, to 30.19 billion rupees ($677 million), despite the liberalization of gasoline prices and a rise in diesel, cooking gas and kerosene prices in late June (IOD Jun.28,p2).
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