Oil and Natural Gas Corporation (ONGC), the country's largest oil and gas producer has posted a 44 per cent rise in net profit at Rs 6636.33 crore for the quarter ended June 30, 2008 as compared to Rs 4610.53 crore for the corresponding quarter last year. The total income rose 45.27 per cent to Rs 21,102.22 crore in the June quarter, against Rs 14,526.51 crore in the same period a year-ago.

During the quarter ONGC sold crude oil at $ 69.14 per barrel after paying Rs 56.70 crore subsidy, as crude oil prices during the quarter reached record high. The company paid Rs 9811 crore discount to the oil marketing companies as compared with Rs 3649 crore in the first quarter last year. The higher net profit is despite almost stagnant oil and gas production during the quarter compared with quarter year ago.