Indian state-owned Oil and Natural Gas Corporation saw quarterly profits drop 34% after being hit by higher costs.
Expenses were up to 147.21billion rupees ($2,4billion) as the company posted net profits of 40.2billion rupees ($660million) for the quarter to June – down from 60.8billion in the same period for 2012.
Net sales fell 4.3 percent to 192.18 billion rupees.
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