ONGC's consolidated net profit slumped 84.7% to Rs 1,090.03 crore on 42.9% drop in net sales to Rs 62,496.06 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) tanked 82.4% to Rs 2,012.22 crore in Q1 June 2020 as against Rs 11,450.84 crore in Q1 June 2019. Current tax expense for the quarter tumbled 57.5% at Rs 1,397.83 crore as against Rs 3,287.06 crore in Q1 June 2019. The Q1 result was declared after market hours yesterday, 1 September 2020.
In dollars terms, standalone net realisation from crude oil price slumped 56.7% to $28.72 per barrel of oil (bbl) in Q1 FY21 from $66.32 bbl in Q1 FY20. Net realisation from crude oil price (joint venture) tanked 55.7% to $29.60 bbl in Q1 FY21 as against $66.78 bbl in Q1 FY20.
Gas price on gross calorific value (GCV) basis dropped 35.2% to $2.39 per million metric British Thermal unit (MMBTU) in Q1 FY21 as against $3.69 per MMBTU in Q1 FY20.
The revenue and PAT for Q1 have been impacted by lower crude price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline.
Total crude oil production fell 3.5% to 5.665 million metric tonnes (MMT) in Q1 FY21 over 5.869 MMT in Q1 FY20. Total gas production skid 13.6% to 5.544 billion cubic metres (BCM) in Q1 FY21 as against 6.420 BCM in Q1 FY20. Value added products slipped 21.5% to 720 kilo tonnes (KT) in Q1 FY21 from 917 KT in Q1 FY20.
ONGC has notified three discoveries (two pools and one prospect) after last notificationon 30 June 2020, taking the total discoveries to six in FY21 so far.
Shares of ONGC rose 1.39% to Rs 80.45. ONGC is India's largest integrated oil and gas company. Its main operations include upstream exploration and production. It also has operations in downstream segments. ONGC is 60.41% owned by the Government of India (as on 30 June 2020).
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