ONGC Ltd reported -8.38% fall in gross revenues for the Dec-20 quarter on consolidated basis at Rs100,289cr. The overall volumes took a hit due to lower crude oil prices which is used to translate earnings into value terms. While the Brent crude has now picked up above $61/bbl, the average price in the Dec-20 quarter was much lower. The offshore and the onshore business took a sharp hit in the quarter.
For the Dec-20 quarter, the consolidated operating profits were down -41.5% at Rs4,785cr. While the positive feature was the sharp fall in raw material input costs, this was more than compensated by higher statutory levies and higher exploration related impairment write-offs in the quarter. As a result, OPM tapered sharply from 7.47% in Dec-19 quarter to 4.77% in Dec-20 quarter.
The consolidated Profit after tax (PAT) for the Dec-20 quarter was sharply down -46.91% at Rs2,643cr as the operating pressures took its toll on the company’s operating performance. PAT margins also fell very sharply from 4.55% in the Dec-19 quarter to 2.64% in the Dec-20 quarter.
Financial highlights for Dec-20 compared yoy and sequentially
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ONGC Ltd |
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Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
|
Total Income (Rs cr) |
₹ 1,00,289 |
₹ 1,09,466 |
-8.38% |
₹ 83,619 |
19.94% |
|
Operating Profit (Rs cr) |
₹ 4,785 |
₹ 8,181 |
-41.52% |
₹ 8,246 |
-41.98% |
|
Net Profit (Rs cr) |
₹ 2,643 |
₹ 4,979 |
-46.91% |
₹ 4,335 |
-39.03% |
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Diluted EPS (Rs) |
₹ 2.10 |
₹ 3.96 |
|
₹ 3.45 |
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OPM |
4.77% |
7.47% |
|
9.86% |
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Net Margins |
2.64% |
4.55% |
|
5.18% |
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