Oil & Natural Gas Corp has recorded a 60 percent increase in profits in the second quarter ahead of analyst expectations as the company sold crude oil at higher prices.

India's largest energy explorer said that its net income in the second quarter compared to the same period last year. The total net income was 86.4 billion rupees compared with 53.9 billion rupees in the previous year.

In a Bloomberg survey, the median profit estimate of 31 analysts was 64.9 billion rupees. The sales of the company rose 24 percent to 226.2 billion rupees. The corporation supplies crude to state refiners at a discount in order to help them compensate them for fuels sold below costs.

The government increased prices of diesel, kerosene and cooking gas n the month of June for the first time along ONGC to increase the prices. Brent prices rose 46 percent to $112.09 a barrel on average in the quarter compared to the same period last year benefiting the company.

ONGC also take advantage from a decline in the rupee because sales of oil and gas are priced in dollars. The value of rupee weakened 8.8 percent in the quarter to 48.9725 per dollar.