NEW DELHI (May 29): Oil & Natural Gas Corp's (ONGC) profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia's invasion of Ukraine. Net income increased to 88.6 billion rupees (US$1.1 billion) in the three months ended March 31 from 67.3 billion rupees a year earlier, according to an exchange filing late on Saturday. That compared with the average 109 billion rupees estimated in a Bloomberg survey of analysts. Revenue surged 63% to 345 billion rupees, exceeding estimates. Total oil output fell almost 3% to 5.4 million tons during the quarter, while gas production dropped 4.4% to 5.3 billion cubic metres.
