ONGC Videsh profit dives 72.71%

Our Bureaus New Delhi | Updated on January 09, 2018 Published on November 15, 2017

New Delhi: ONGC Videsh Ltd, wholly-owned subsidiary of ONGC, has reported a ₹134-crore net profit for the first-half of the financial year 2017-2018. This is 72.71 per cent lower than the net profit reported in the same period in the previous year.

The profit was hit mainly due to forex movements and provisioning against exploratory carry finance, the company said. The income from operations fell to ₹3,412 crore during the first-half of the current financial year. This is 1.27 per cent lower than the ₹3,456-crore income from operations reported by the company in the corresponding period of the last financial year.

An OVL official told BusinessLine, “There has been a ₹350-crore write off in the Satpayev oil block of Kazakhstan. The exploratory well has been partly booked and this has dented the bottomline of the first-half of the financial year.”

IVRCL posts ₹208-cr loss

Hyderabad: IVRCL Ltd has posted a loss of ₹208 crore against a loss of ₹356 crore for the corresponding quarter last year.

The Hyderabad-based infrastructure company registered lower income of ₹411 crore against ₹510 crore.

During the quarter, the company incurred a loss of ₹280 crore resulting in accumulated loss of ₹2,708 crore and erosion of its net worth. The company has obligations towards borrowings aggregating to ₹5,556 crore, including ₹1,833 crore falling due over the next 12 months.

Tata Global net up 11%

Mumbai: Tata Global Beverages has recorded a 11 per cent increase in consolidated net profit at ₹154 crore. Revenue from operations at ₹1,692 crores grew by 6 per cent in underlying terms.

Profit before exceptional items at ₹208 crore is higher by 23 per cent compared to the corresponding quarter of the previous year due to improved operating performance, cost management and lower finance costs.

In a statement, Ajoy Misra, Managing Director and CEO, said: “We are pursuing an aggressive profitable growth strategy of strengthening our core brands, innovative new launches, category expansion and rationalising non-profitable businesses”.

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Published on November 15, 2017
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