Despite a slump in crude oil prices, state-run explorer ONGC reported a 12.2% rise in its fourth quarter net profit at R4,416 crore in FY16, against R3,935 crore in the same quarter previous year. The explorer did not bear any subsidy burden in the period; rather, the government credited R633 crore back to it, for the subsidy borne in the previous quarters. ONGC chairman & managing director D K Sarraf said after the board meeting that the higher quarterly profit is due to a reversal of provisions and compensation for the subsidy burden of the previous quarters. ONGC's performance is above street estimates also on account of a write-back on impairment cost. "Due to a lack of operational triggers and a weak crude oil price scenario, the stock will remain under pressure in the near term. However, the stock has corrected 34% in last one year, which protects the downside risk from current level of R214," said Dhaval Joshi, an analyst at Emkay Global Financial Services.