<div>State-run producer Oil & Natural Gas Corp reported a 17 per cent fall in quarterly profit, but beat expectations, helped by higher sales and nearly flat subsidy provision.<br /><br />The company reported a net profit of Rs 5,563 crore for its fiscal third quarter ended December, down from Rs 6,740 crore a year earlier, which had included a one-time gain on account of royalty dues from a joint venture partner.<br /><br />Analysts on average had expected the company to post a net profit of Rs 5370 crore for the quarter, according to Thomson Reuters Starmine data.<br /><br />Net sales rose 16 per cent to Rs 20,987 crore.<br /><br />Shares of ONGC, India's third-biggest company by market value, closed 1.7 per cent lower on Monday, 11 February ahead of the results. The stock has jumped 15 percent so far in 2013, outperforming a 6 per cent rise in the sectoral index.<br /><br />(Reuters)</div>
