New Delhi, June 11: ONGC Videsh on Tuesday said its net profit has soared by 145.8 per cent to Rs 59 crore during 2002-03 from Rs 24 crore in the previous year. Gross revenues surged by over six times to Rs 233 crore during the year ended March 2003 from Rs 39 crore a year ago, a company release said.

The ONGC Videsh board which approved the annual accounts also decided to repay first installment of Rs 100 crore to its parent company, ONGC for the loan taken for its Sudan project.
This was the first time that the subsidiary has commenced repayment of loans to the parent.
The company's 2002-03 revenues included earnings from the Greater Nile Oil Project during March 12-31, 2003, as the project was acquired by the company on March 12, 2003.
ONGC Videsh said the appreciation of rupee against dollar resulted in a notional reduction of Rs 18 crore in its net profit during the fiscal. Bureau Report