ONGC Q4 net profit rises 12%, beat estimates

Oil and Natural Gas Corp , India`s biggest oil explorer, reported on Thursday a surprise 12% rise in fourth-quarter net profit, helped by a one-off gain.

Net profit on a standalone basis was Rs 44.16 billion ($657.5 million) for the three months to March 31, compared with Rs 39.35 billion a year earlier, the state-run company said in a regulatory filing.

Analysts on average had expected a net profit of 28.17 billion rupees, according to data compiled by Thomson Reuters.

ONGC said it partly reversed a previously-taken charge, leading to a one-off gain of Rs 8.52 billion in the fourth quarter. On Thursday, the stock of the company closed up 3.09% at Rs 216.70 on BSE.