The state-run oil major's consolidated net profit fell 19% to Rs 4335 crore on 17.7% decline in net sales to Rs 83,619.16 crore in Q2 September 2020 over Q2 September 2019.
On a consolidated basis, profit before tax (PBT) slipped 7.5% to Rs 8,569.53 crore in Q2 September 2020 as against Rs 9,259.69 crore in Q2 September 2019. Current tax expense for the quarter dropped 23.2% to Rs 2,762.91 crore as against Rs 3,596.22 crore paid in Q2 September 2019. The Q2 result was declared post market hours yesterday, 13 November 2020.
Total crude oil production fell 2.7% to 5.686 million metric tonnes (MMT) in Q2 FY21 over Q2 FY20. Total gas production slipped 6.2% to 5.880 billion cubic metre (BCM) in Q2 FY21 over Q2 FY20. Value added products skid 3.2% to 826 kilo tonnes (KT) in Q2 FY21 over Q2 FY20.
On a standalone basis, net profit tanked 54.6% to Rs 2,877.84 crore on 30.9% decrease in net sales to Rs 16,917.09 crore in Q2 FY21 over Q2 FY20.
In dollars terms, standalone net realisation from crude oil price fell 31.4% to $41.38 per barrel of oil (bbl) in Q2 FY21 from $60.33 bbl in Q2 FY20. Net realisation from crude oil price (joint venture) tanked 31.5% to $41.78 bbl in Q2 FY21 as against $60.99 bbl in Q2 FY20.
Gas price on gross calorific value (GCV) basis dropped 35.2% to $2.39 per million metric British Thermal unit (MMBTU) in Q2 FY21 as against $3.69 per MMBTU in Q2 FY20.
The revenue and PAT for Q2 FY21 have declined as compared to the corresponding period of FY20 mainly due to lower crude oil price realization. Lower gas prices also contributed to lower topline and bottom line.
ONGC has also recognized an exceptional item towards impairment loss of Rs 1,238 crore in Q2 FY21 to factor into estimated future crude oil and natural gas prices. This impairment loss may be reversed in future as and when there is an increase in crude oil and gas price.
However, PAT for Q2 FY21 has increased by 480% in Q2 FY21 over Q1 FY21 due to recovery of crude oil price.
ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India (as on 30 September 2020).
Shares of ONGC were up 1.11% at 72.90 in the one-hour special Muhurat trading session on the occasion of Diwali on 14 November 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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