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Oil & Natural Gas Corp.s profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russias invasion of Ukraine.

Net income increased to 88.6 billion rupees ($1.1 billion) in the three months ended March 31 from 67.3 billion a year earlier, according to an exchange filing late Saturday. That compares with the average 109 billion rupees estimated in a Bloomberg survey of analysts. Revenue surged 63% to 345 billion rupees, exceeding estimates.