Deregulation of the oil sector has brought windfall gains for the state-owned Oil and Natural Gas Corporation with its net profit jumping 68 per cent to Rs 10,436 crore (Rs 104.36 billion) in 2002-03.

ONGC's turnover increased from Rs 23,857.40 crore (Rs 238.57 billion) in 2001-02 to Rs 35,820.98 crore (Rs 358.21 billion), up 50 per cent, in 2002-03, a company statement said.

The quantum jump in the exploration and production firm's net profit was primarily due to it selling crude at international prices to domestic refiners.

While ONGC, which was being paid at the cap price of $16 per barrel in the administered pricing era, benefited from the upwardly mobile international prices.

The consolidated turnover of ONGC Group, including the recently acquired Mangalore Refineries and Petrochemicals Ltd, crossed Rs 40,000 crore (Rs 400 billion), the press statement said.

"After provision of Rs 5,698 crore (Rs 56.98 billion) for tax, ONGC's net profit is Rs 10,436 crore (Rs 104.36 billion), and adjusting for the losses in MRPL, the net profit of ONGC Group is Rs 10,282 crore (Rs 102.82 billion)," it said.

MRPL, a world-class refinery of 9.69 million tonnes a year capacity, was taken over by ONGC through acquisition of 37.4 per cent equity from Aditya Birla Group followed by debt restructuring, with a total investment of Rs 660 crore (Rs 6.60 billion).

With 51 per cent equity being held by ONGC, MRPL is now a member of the ONGC Group as a subsidiary company.

ONGC, whose market capitalisation had crossed Rs 50,000 crore (Rs 500 billion) mark on April 3, 2002, had declared a 140 per cent dividend for 2001-02. For 2002-03, it has already declared an interim dividend of 170 per cent.