OVL posts Rs 701 crore net profit for FY 2016-17

ONGC Videsh Ltd (OVL) reported a consolidated net profit of Rs 701 crore for the fiscal ended March 31, helped by a rise in oil and gas production. OVL had posted a net loss of Rs 3,633 crore in the previous fiscal.

The company is unlisted overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC) and by law is not required to provide quarterly earning numbers. Crude oil production from OVL's properties abroad rose 53 per cent to 8.434 million tonnes in 2016-17 from 5.51 million tonnes in the previous year. Natural gas output was up 28.27 per cent to 4.37 billion cubic meters, the company said in a statement, reports PTI.

Consolidated turnover was 2.15 per cent higher at Rs 10,080 crore in the 2016-17 fiscal. "The incremental production is mainly due to acquisition of 26 per cent stake in Vankorneft project in Russia during the year," it said.