RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
Government owned-ONGC, the country's biggest oil producing company, had already made net profit of Rs 19,478 crore (Rs 194.78 billion) during the first three quarters of 2011-12.
This ONGC profit was in spite of giving Rs 30,296 crore (Rs 302.96 billion) towards compensating the losses of government oil marketing companies on the regulated sale of diesel, kerosene and domestic cooking gas.
The company was, however, helped by an exceptional income of Rs 3,142 crore (Rs 31.42 billion) from Cairn India, as the royalty ONGC had been paying on the Barmer block in Rajasthan was made cost-recoverable.
ONGC is to declare its fourth quarter and 2011-12 results towards the end of May.
"Even if ONGC declares a profit lower than the first three quarters, it will overtake RIL in net profit.
"This is on a standalone basis. When ONGC declares its consolidated net profit next month, including ONGC Videsh's performance, it will be quite higher to RIL's consolidated profit of Rs 19,724 crore (Rs 197.24 billion)," said investment advisor S
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