The state-owned energy giant ONGC has declared the results for the three month period ended March 2010.

Oil and gas exploration major has registered a gain of 71% in its net profit, which stood at Rs 3,776 crore for the quarter under review as compared to Rs 2,207 crore in the same period of the last year.

Net sales of the company increase by 7.36% to Rs 14,713 crore as against Rs 13,704 crore in the January-March 2009 quarter.

The total income of the company amounted to Rs 16,471.47 crore during the last quarter of 2009-10, as against Rs 15,113.13 crore in the previous corresponding quarter.

ONGC has recorded a gain of 4% in its net profit to Rs 16,767.55 crore as against Rs 16,126.31 crore in 2008-09.

During the last financial year, net realizations improved to $55.94 per barrel as compared to $47.70 a barrel in 2008-09.

The group's consolidated net profit stood at Rs 19,403.53 crore during 2009-2010 as against Rs 19,795.34 crore in the previous fiscal.

Total Income declined to Rs 107,058 crore for the year ended March 31, 2010 from Rs 109,615 crore during 2008-09.

The company's directors have announced a dividend of Rs 15 per share.

On May 28, the ONGC scrip closed with a gain of 0.5% at Rs 1,130.95. The results were declared after the markets closed. (With Inputs from Agencies)