India’s top energy explorer Oil and Natural Gas Corp reported a 20 per cent drop in quarterly net profit on Thursday.
ONGC said net profit was Rs. 3,935 crore in its fiscal fourth quarter to March 31, down from Rs. 4,889 crore a year earlier.
Sales for the quarter were Rs. 21,303 crore versus Rs. 20,881 crore a year ago.
The government wants to list ONGC Videsh, the overseas arm ONGC, a company executive said.
“We have received a letter from the ministry on listing of ONGC Videsh,” the executive said, adding the divestment department of the finance ministry was pushing for a sale. The executive did not wish to be named as the matter is not public.
He added that ONGC executives would favour delaying a listing, given current low oil prices.