Net profit of Rs 4,416 crore in January-March was 12.2 percent higher than Rs 3,935 crore net profit in the same period a year ago, ONGC said in a statement here.

Profit rose despite crude oil production falling by 1.7 percent to 6.34 million tons. Gas output also dropped by nearly 10 percent to 5.24 billion cubic meters. ONGC was exempted by the government from payment of any fuel subsidy last year, leading to the profit boost.

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